After asking his followers on the X network the day before whether he should establish a new political party, billionaire and until recently a close ally of the United States (U.S.) President Donald Trump, with whom he has parted ways, Elon Musk announced that he has indeed founded the “American Party.”
“By a ratio of 2 to 1, you want a new political party, and you shall have it! Today, the American Party was founded to give you back your freedom,” he wrote on X.
Musk’s announcement comes after President Donald Trump signed his self-proclaimed “big, beautiful” tax and spending reduction bill on Friday, which the billionaire Tesla CEO Musk strongly opposed, claiming it would bankrupt the U.S.
Musk spent hundreds of millions on Trump’s re-election and led the Department of Government Efficiency under Trump’s administration with the goal of reducing government spending, but the two have since fallen out over disagreements about the law. The tech mogul announced that he would establish a new political party and spend money to oust lawmakers who supported the bill.
When asked on X what made him switch from loving Trump to attacking him, Musk said: “Increasing the deficit from an already insane 2 trillion dollars under Biden to 2.5 trillion dollars. That will lead to bankruptcy.”
