“By a factor of 2 to 1, you want a new political party and you shall have it!” he said in a post on X.

“Today, the America Party is formed to give you back your freedom.”

The announcement from Musk comes after President Donald Trump signed a tax-cut and spending bill into law on Friday, which the billionaire chief executive officer of Tesla fiercely opposed.

Musk spent hundreds of millions on Trump’s re-election and led the Department of Government Efficiency under the Trump administration aimed at slashing government spending, but the two have since fallen out over disagreements about the bill.

Trump earlier this weekend threatened to cut off the billions of dollars in subsidies that Musk’s companies receive from the federal government.

Musk said previously that he would start a new political party and spend money to unseat lawmakers who supported the bill.

Republicans have expressed concern that Musk’s on-again, off-again feud with Trump could hurt their chances to protect their majority in the 2026 midterm congressional elections.