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

Elon Musk has launched the "America Party," aiming to disrupt the two-party system and challenge what he calls a corrupt "uniparty." This move formalizes his growing feud with Trump, as Musk vows to fund challengers to Republican incumbents.