$BTC "I was disappointed to see the massive spending bill, frankly," Musk said in the interview with CBS Sunday Morning, a clip of which was released by the broadcaster before transmission.

He went on to argue that Trump's plan "increases the budget deficit, not just decreases it".

It is thought that the legislation could increase the deficit - or the difference between what the US government spends and the revenue that it receives - by about $600bn (£444bn) in the next fiscal year.

Furthermore, the bill "undermines the work that the Doge team is doing", Musk said, using the acronym of the cost-cutting advisory body the Department of Government Efficiency.

Referring to Trump's moniker for the legislation, Musk told CBS: "I think a bill can be big or beautiful. I don't know if it can be both."