In the song, Lillard raps that the former Los Angeles Lakers star won multiple NBA championships because of his teammates throughout his career.
The musical feud started last week when Lillard said on The Joe Budden Podcast that he believes he is a better rapper than Shaq. Lillard's remarks on the podcast sparked a rebuttal from O'Neal in the form of a diss track released last week.
O'Neal rapped that Lillard wasn't among the NBA's elite guards and said he wasn't an MVP-caliber player. Lillard answered by releasing "Reign Reign Go Away" on his SoundCloud account.
In his diss track, Lillard disputes how those teams won titles: "We both could be working at Kinkos and Kobe won you them rings, though" and "Even in Miami, won that on the strength of Flash."
Lillard also boasted about his $250 million supermax contract and said he "can't recall you getting that when I was cruising on a 10-speed."
The All-Star guard finished the song with a final shot at O'Neal and said "All the money in the world but traded you for Penny," referencing an uneasy relationship between the center and Penny Hardaway while both played for the Orlando Magic.
Lillard also exchanged freestyle raps with Sacramento Kings forward Marvin Bagley III earlier this summer.