American billionaire Elon Musk has announced the formation of a new political party. His party has been named ‘America Party’.
The Tesla and SpaceX CEO made this announcement on his own social media ‘X’ post on Saturday. However, there was no response from President Donald Trump or the White House after Musk’s announcement.
After announcing the political party, Musk said, “Today, the America Party was born to give back your freedom.”
Earlier, he conducted a survey on X to find out whether a new political party is needed in the United States. In the survey, which received about 1.2 million votes, two-thirds of people voted in favor of the new party.
Recently, Trump has turned the ‘Big Beautiful Bill’ (tax cut and spending increase bill) into law, which Musk has strongly criticized.
He said, “This bill will bankrupt the United States.”
Musk once donated a large amount of money to Trump’s election campaign and worked in his administration. But the two have been at odds over the new spending policy.
Musk had already announced that he would form a party to spend money on election campaigns against lawmakers who supported Trump’s bill. In response, Trump threatened to cut off government subsidies to Musk’s companies.
According to political analysts, Musk’s new party could pose a challenge to Republicans in the 2026 congressional elections. However, breaking the dominance of Republicans and Democrats in US politics will not be easy.
Meanwhile, Tesla’s share price has also collapsed due to the Musk-Trump conflict. Although the price per share rose to $488 during Trump’s second term, it fell by half in April. It was trading at $315 last week.
Sources: Reuters, New York Times, The Guardia.