Elon Musk says he’s creating a new political party

Elon Musk, the world’s richest person and America’s biggest political donor, has announced he’s creating a new political party following weeks of public disagreements with President Trump.

The tech billionaire made the announcement on Saturday through his social media platform X, claiming the current system has failed American voters.

“When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,” Mr. Musk wrote on X on Saturday. “Today, the America Party is formed to give you back your freedom.”

However, Musk had not filed the necessary paperwork with the Federal Election Commission by Saturday evening, though he indicated in another post that the America Party would participate in elections “next year.”

The announcement represents a dramatic shift for Musk, who was once a close ally of President Trump but has increasingly clashed with him in recent weeks. The billionaire has a track record of making bold announcements that don’t always materialise, raising questions about whether this latest venture will follow through.

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Musk’s frustration appears to stem from his experience leading the Department of Government Efficiency, where he worked to cut government programmes and spending before falling out with Trump. The final straw came with the president’s sweeping domestic policy bill, which Musk condemned on social media last month as a “disgusting abomination.”

He argued the legislation would “massively increase the already gigantic budget deficit” and that “Congress is making America bankrupt.”

For weeks, Musk had hinted he might start a new political party if the legislation passed, but Saturday marked the first time he explicitly announced his intention to do so.

The White House has not responded to requests for comment about Musk’s announcement.

Creating a successful third-party movement faces enormous challenges in American politics. The two-party system has dominated modern American politics for generations, and numerous moderate billionaires have attempted similar ventures without success.

Major obstacles include heavily gerrymandered districts that favour established parties, deep political polarisation that makes middle-ground positions difficult, and complex state laws requiring expensive ballot-qualification procedures that could challenge even someone with Musk’s resources.

Despite his wealth and influence, Musk’s political track record shows mixed results. He donated nearly $300 million to Republican candidates in the 2024 election and his super PAC led Trump’s voter turnout efforts in key battleground states.

However, he failed to secure a Wisconsin Supreme Court seat for the Republicans this year, despite investing over $20 million in that race.

On Friday, Musk outlined a more modest initial strategy for the America Party, suggesting it could focus on select races rather than attempting a nationwide launch.

“Given the razor-thin legislative margins,” he wrote, “that would be enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people.”

His plan involves backing America Party candidates in just two or three Senate races and between eight and 10 congressional races in next year’s midterm elections.