Musk declares war on the two major political parties, forming his own America Party

Elon Musk on Saturday declared war on the two major political parties, arguing they are "bankrupting our country with waste & graft" and announcing the formation of a new party.

"Today, the America Party is formed to give you back your freedom," the billionaire entrepreneur wrote on the X social platform he owns.

Musk's decision to launch a third party came after he expressed frustration with the "one big beautiful bill" that President Donald Trump and Republicans rammed through Congress.

Musk, who ran Trump's DOGE effort to find savings in government, demanded the bill cut more federal spending before it was passed. He was rebuffed, and began drifting away from Trump, the man he worked to elect in November.

Before he announced the America Party, Musk conducted a poll on his X platform on whether Americans were tired of the two-party system. About two-thirds answered yes.

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