"When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy," Musk said in the announcement.

Elon Musk said he’s carrying out his threat to form a new political party after his fissure with President Donald Trump, announcing the America Party in response to the president’s sweeping tax-cuts law.

"The America Party is formed to give you back your freedom," Musk said, days after Trump debated deporting him.