Musk Launches New Political Party Following Split with Trump Over Controversial Tax Cuts

BRIDGEWATER, N.J. (AP) — Elon Musk has declared his intention to create a new political party called the America Party. This comes after a fallout with former President Donald Trump over recent tax cuts.

Once a staunch ally of Trump, Musk is now vocal about his disagreements, especially regarding the new legislation that he calls harmful. He shared on social media his frustration about the potential impact of this legislation, saying it could bankrupt the country.

He posted, “When it comes to bankrupting our country with waste and graft, we live in a one-party system, not a democracy. Today, the America Party is formed to give you back your freedom.” This move has caught the attention of many, as forming third parties often leads to varying levels of success and support.

Musk’s financial influence could sway upcoming elections. He has already invested over $250 million in Trump’s past campaign efforts. His latest comments suggest he might be pivoting away from that support, which could have consequences, given that his businesses often rely on government contracts.

While it’s unclear if Musk has officially established the America Party, several similar parties appeared in the Federal Election Commission’s database soon after his announcement. However, many look dubious, listing odd contact emails.

Interestingly, as he re-engages in the political arena, Musk is using his platforms to gather feedback from his followers. They discussed his party plans on social media, and he mentioned aiming to influence the 2026 midterm elections.

This development contrasts sharply with Musk’s earlier stance from May, where he suggested he would step back from political spending. Now, he criticizes the Republican establishment for expanding government spending despite holding power in all three branches. He highlighted this hypocrisy online, referring to the increase in national debt as alarming.

On CNN’s “State of the Union,” Treasury Secretary Scott Bessent commented on Musk’s politics, pointing out that while Musk’s principles may resonate, his popularity isn’t as strong in polls. “I imagine that those board members are not pleased with this announcement and will encourage him to focus on his businesses instead,” he remarked.

Musk’s political ambitions could reshape the landscape as he navigates a complex path between business and politics. As he repositions himself, it remains to be seen how effective his new party will be in a tightly contested political arena.

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