Billionaire Elon Musk has announced the formation of a third political party in America. He made the official announcement of "The America Party" by posting on the social network "X" on Saturday. Musk has announced his new political party after breaking friendship with President Donald Trump.

"If the country is ruined by wasteful spending and corruption, then we are in a one-party system, not a democracy," Musk wrote on X, "Today, the America Party has been formed to give you your freedom back." He claims that in the survey, the new party received three times more support. 

On Friday, Musk announced the new party in the background of Trump signing the "Big Beautiful Bill" on tax cuts and spending increases. He has been strongly criticizing the bill. Due to this, there was a split in his relationship with Trump. The bill will increase the US budget deficit from 2 trillion to 2.5 trillion, which Musk called a dangerous decision to "plunge the country into deep debt".

Musk, who spent billions of dollars for Trump in the 2024 election, worked as the head of the 'Department of Government Efficiency' (Dodge) in the Trump administration. Its purpose was to cut costs. However, it is said that the dispute between him and Trump increased after the provision of increase in spending in the 'Big Beautiful Bill'.

Musk has stated that there is a need for a new political party in the US based on social media polls, saying, "You want a new party at a ratio of 2:1 and you will get it now." However, he has not released the full manifesto of the party.

Musk plans to make active political interventions in the 2026 midterm elections by fielding candidates in a limited number of congressional and senate seats . So far, there has been no official response to Musk's announcement from the Trump side. However, a few days ago, President Trump warned that federal grants to Musk's companies would be reviewed.