Elon Musk announces new 'America Party' after Trump's massive spending bill becomes law

Thomson Reuters

· Posted: Jul 06, 2025 8:37 AM EDT | Last Updated: 4 hours ago

The quality betwixt U.S. Republican President Donald Trump and his main run financier Elon Musk took different fractious crook connected Saturday erstwhile the abstraction and automotive billionaire announced the enactment of a caller governmental party, saying Trump's "big, beautiful" taxation measure would bankrupt America.

A time aft asking his followers connected his X level whether a caller U.S. governmental enactment should beryllium created, Musk declared successful a station connected Saturday: "Today, the America Party is formed to springiness you backmost your freedom."

"By a origin of 2 to 1, you privation a caller governmental enactment and you shall person it!" helium wrote.

The announcement from Musk comes aft Trump signed his self-styled "big, beautiful" tax-cut and spending measure into instrumentality connected Friday, which Musk fiercely opposed.

WATCH | What drove a wedge betwixt Trump and Musk:

Musk, who became the word's richest antheral acknowledgment to his Tesla car institution and his SpaceX outer firm, spent hundreds of millions connected Trump's re-election and led the Department of Government Efficiency, aimed astatine slashing authorities spending, from the commencement of the president's 2nd term.

The archetypal motion of capitalist dissatisfaction with Musk's announcement followed aboriginal successful the day. Investment steadfast Azoria Partners volition postpone the listing of a Tesla exchange-traded fund, Azoria CEO James Fishback said successful a station connected X.

Fishback is asking Tesla's committee to clarify Musk's governmental ambitions and said the caller enactment undermines the assurance shareholders had that helium would beryllium focusing much connected the institution aft leaving authorities work successful May.

Musk said antecedently that helium would commencement a caller governmental enactment and walk wealth to unseat lawmakers who supported the bill.

Trump earlier this week threatened to chopped disconnected the billions of dollars successful subsidies that Musk's companies person from the national government.

Republicans person expressed interest that Musk's on-again, off-again feud with Trump could wounded their chances to support their bulk successful the 2026 midterm legislature elections.

Asked connected X what was the 1 happening that made him spell from loving Trump to attacking him, Musk said: "Increasing the shortage from an already insane $2T nether Biden to $2.5T. This volition bankrupt the country."

There was nary contiguous remark from Trump oregon the White House connected Musk's announcement.

The feud with Trump, often described arsenic 1 betwixt the world's richest antheral and the world's astir powerful, has led to respective precipitous falls successful Tesla's stock price.

The banal soared aft Trump's November re-election and deed a precocious of much than $488 US successful December, earlier losing much than fractional of its worth successful April and closing retired past week astatine $315.35 US.

Despite Musk's heavy pockets, breaking the Republican-Democratic duopoly volition beryllium a gangly order, fixed that it has dominated American governmental beingness for much than 160 years, portion Trump's support ratings successful polls successful his 2nd word person mostly held steadfast supra 40 per cent, contempt often divisive policies.