WASHINGTON, July 6: The rift between former U.S. President Donald Trump and tech magnate Elon Musk has deepened, with Musk announcing the formation of a new political faction, the “America Party,” in a move aimed at challenging the status quo in Washington.

The Tesla and SpaceX CEO, who until recently maintained close ties with the Trump administration, made the declaration on Saturday via his social media platform X. “Today, the America Party is formed to give you back your freedom,” Musk proclaimed, adding: “By a factor of 2 to 1, you want a new political party, and you shall have it! When it comes to bankrupting our country with waste and graft, we live in a one-party system, not a democracy.”

Musk’s announcement follows escalating tensions with Trump over the president’s recently signed spending bill, which Musk slammed as “utterly insane and destructive.” Once a major donor and informal adviser, Musk has distanced himself from Trump in recent weeks, signaling a broader disillusionment with both major parties.

The billionaire has hinted at launching a third party for weeks, often using X to float the idea and gauge public support. A day prior to his announcement, he posted a poll asking users if a new political party should be created. The results reportedly showed strong backing.

While details remain scarce, Musk has indicated the party could initially focus on flipping a few House and Senate seats, potentially giving it leverage in a closely divided Congress. “Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people,” Musk wrote.

Despite his wealth and influence, creating a viable third party poses significant hurdles. Ballot access requirements vary widely across states, and the legal framework for establishing a new national party can be complex. So far, Musk has not outlined a roadmap for overcoming these challenges.

In the meantime, Musk has pledged financial backing for candidates aligned with his vision, including Kentucky Representative Thomas Massie, who is facing pressure from Trump loyalists.

Musk’s pivot comes just two months after he stated he would be scaling back his political contributions, claiming he had “done enough.” Now, his renewed political engagement could mark a disruptive chapter in U.S. politics, potentially reshaping the landscape heading into future elections.