Musk announces new political party

WASHINGTON — The dispute between Republican President Donald Trump and his main campaign financier Elon Musk took another fractious turn on Saturday when the space and automotive billionaire announced the formation of a new political party, saying the "big, beautiful" tax bill would bankrupt the US.

"Independence Day is the perfect time to ask if you want independence from the two-party (some would say uniparty) system," Musk wrote in Friday's post announcing the poll.

More than 65 percent of the 1.2 million respondents backed the idea.

Responding to the results on Saturday, Musk wrote, "By a factor of 2 to 1, you want a new political party and you shall have it! When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy."

Musk said the "America Party" will laser-focus on two or three Senate seats and eight to 10 House districts, a strategy he believes could tip control in a narrowly divided Congress.

The announcement from Musk comes after Trump signed the "One Big Beautiful Bill" tax cut and spending bill into law on Friday, which Musk fiercely opposed.

There was no immediate comment from Trump or the White House on Musk's announcement.

Musk spent hundreds of millions on Trump's reelection and led the Department of Government Efficiency from the start of the president's second term aimed at slashing government spending.

Election law experts note the high barriers to entry for new parties. In California, organizers must either register about 75,000 members or collect 1.1 million signatures to appear on ballots.

Political strategists suggest Musk's announcement may be aimed more at pressuring lawmakers than building a durable third party.

The "big, beautiful" bill, which cut electric vehicle incentives and increased federal spending, includes measures that Musk, whose company Tesla benefits from EV subsidies, has opposed.

Musk has threatened to fund challengers to lawmakers who supported the bill. Trump, in turn, has hinted at reassessing what he called "billions in subsidies" tied to Musk-linked ventures.

Analysts say Musk's move appears more like a high-profile bargaining tactic than the beginning of a major shake-up of the US political system.

Agencies - Xinhua