On Saturday, Elon Musk, the billionaire CEO of Tesla and SpaceX, unveiled his plans to establish a new political party called the "America Party," a move that coincided with President Donald Trump’s recent signing of a controversial tax-cut and spending package. This announcement came just a day after Musk publicly criticized the legislation, which he believes undermines the financial stability of American citizens.

Musk took to his social media platform, X, to share the news, revealing that his decision was partially influenced by a poll he conducted. According to the results, an impressive 65% of over 1.2 million respondents expressed support for the creation of a new political party. In his post, Musk stated, "By a factor of 2 to 1, you want a new political party and you shall have it!" He added, "Today, the America Party is formed to give you back your freedom," indicating his commitment to promoting individual liberties.

To further emphasize his message, Musk shared a meme featuring a two-headed snake accompanied by the caption, "End the Uniparty," which seems to criticize the traditional two-party system in the United States. However, the details surrounding the new party's platform and its potential influence on future elections remain vague at this point. The timing of this launch is particularly noteworthy as Congress prepares to vote on Trump’s budget proposal, which includes the elimination of a widely used $7,500 consumer tax credit for electric vehicle purchases, a point that hits close to home for Musk.

The anticipated impact of the America Party on the upcoming 2026 midterm elections and the subsequent presidential election two years later is currently uncertain. Analysts are left pondering how this new political entity, driven by Musk's considerable influence and wealth, will navigate the complex political landscape.

This announcement also rekindles the ongoing feud between Musk and Trump, which has been marked by public disagreements and contrasting visions for the future of the country. The tensions escalated dramatically late last month when Trump urged congressional Republicans to accelerate the passage of his ambitious domestic agenda, known as the One Big Beautiful Bill.

Musk has been vocally critical of this legislation, describing it as an embodiment of “debt slavery.” He has specifically targeted Republican lawmakers who campaigned on promises of reducing federal spending but who ultimately supported the bill, which is projected to add approximately $3.4 trillion to the national deficit over the next decade. This public fallout has reportedly contributed to significant fluctuations in Tesla's stock prices, which saw a dramatic rise post-Trump’s reelection in November but experienced a steep decline, losing more than half its value by April. As of last week, Tesla's stock closed at $315.35, down from a high of over $488 in December.