Musk Announces Formation Of "America Party" To Spite Trump

The escalating feud between President Donald Trump and his key campaign backer Elon Musk took another turn, as the billionaire behind Tesla and SpaceX announced the formation of a new political party.

Musk was a major financial backer of Trump’s re-election campaign and headed the Department of Government Efficiency (DOGE) during the president’s second term. I Photo: Molly Riley, The White House Flickr

Musk said Trump’s newly signed “big, beautiful” tax bill would bankrupt the country, David Brunnstrom, Bhargav Acharya, and Gnaneshwar Rajan reported for Reuters.

Just a day after polling his followers on X (formerly Twitter) about forming a new U.S. political party, Musk declared: “Today, the America Party is formed to give you back your freedom.”

He added: “By a factor of 2 to 1, you want a new political party — and you shall have it!”

The announcement came one day after Trump signed into law his self-branded “big, beautiful” tax-cut and spending bill, which Musk has vocally opposed.

Musk, who became the world’s richest man thanks to his Tesla and SpaceX ventures, was a major financial backer of Trump’s re-election campaign and headed the Department of Government Efficiency (DOGE) during the president’s second term, a role aimed at slashing federal spending.

But investor concerns quickly followed Musk’s political pivot. Later in the day, investment firm Azoria Partners announced it would postpone the launch of a Tesla-themed exchange-traded fund (ETF).

Azoria CEO James Fishback confirmed the delay in a post on X.