Elon Musk says he's formed the 'America Party' after a July 4 poll on X showed support
"Today, the America Party is formed to give you back your freedom," Musk wrote in an X post on Saturday afternoon.
Musk's post came a day after he conducted a July 4 poll, asking X users if they want "independence" from the two-party system. About 65% of the 1.25 million participants voted "Yes."
Musk, who was a staunch supporter of Trump's 2024 reelection bid, has been publicly critical of the president's "Big Beautiful Bill," a sweeping domestic policy bill that includes extensive tax cuts and could add more than $3 trillion to the national debt, according to the Congressional Budget Office.
The Tesla CEO has characterized the bill on X as a form of "debt slavery."
Just days after stepping away from his work at the White House DOGE Office, which was tasked with cutting spending and reducing the deficit, Musk in June called the legislation a "massive, outrageous, pork-filled Congressional spending bill."
Musk then proposed the idea of forming a new political party that represents the "80% in the middle."
Musk's repeated attacks on the bill led to a spectacular public fallout between him and the president. Trump even suggested that his office would look into possibly deporting Musk, a South African immigrant.
Musk's July 4 poll on X came the same day Trump signed the bill into law.
The CEO said on his social media platform that one way the new party could work is to focus on winning just a handful of Senate seats and House districts that could serve as the "deciding vote" on "contentious laws," given the "razor-thin legislative margins" in Congress.
Musk and a White House spokesperson did not respond to a request for comment.
Musk's back-and-forth regarding his involvement in political affairs has been followed by volatile times for the CEO of Tesla, his EV company.
Wall Street analysts, including Tesla bull Dan Ives, have said that Musk's politics could lead the company astray if the chief executive doesn't snap back into focus.
Earlier in June, Baird analysts downgraded the Tesla stock, noting that the Musk-Trump spat adds "uncertainty to TSLA's outlook.
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