Musk previously threatened to start the new "America Party" last week, expressing his disapproval of Trump's "One Big Beautiful Bill Act" and declaring that he would form a new political party if it passed. This spending bill ultimately did pass, with Trump signing it into law on Friday, July 4.

President Donald Trump on Sunday called Elon Musk's plans to form a new political party "ridiculous," launching new barbs at the tech billionaire and saying the Musk ally he once named to lead NASA would have presented a conflict of interest given Musk's business interests in space.

Elon Musk said he’s carrying out his threat to form a new political party after his fissure with President Donald Trump, announcing the America Party in response to the president’s sweeping tax cuts law.