Elon Musk announces new “American Party” after Trump's massive spending bill becomes law
The dispute between Republican President Donald Trump and his leading campaign financier Elon Musk took another turn on Saturday, when space and auto billionaires announced the formation of a new party, saying Trump's “big and beautiful” taxes would ruin the United States.
On his X platform, asking his followers whether they should build a new party, Musk announced in an article on Saturday: “Today, the American Party was formed to keep you free.”
“In a 2-to-1 ratio, you want a new party and you will have it!” he wrote.
Musk's announcement comes after Trump signed his own “large, beautiful” tax tax on Friday and spent the bill on legally.
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Musk became the richest man in the term, starting with his second term as president, aiming to cut government spending, aimed at cutting government spending.
Later in the day, investors were the first sign of dissatisfaction with Musk's announcement. Azoria CEO James Fishback said in an article on X that investment firm Azoria Partners will postpone the listing of Tesla's exchange-traded funds.
Fishback asked Tesla's board of directors to clarify Musk's political ambitions and said the new party undermines confidence shareholders and he will focus more on the company after leaving government services in May.
Musk previously said he would establish a new party and spend money on legislators supporting the bill.
Trump threatened earlier this week to cut billions of dollars in subsidies Musk received from the federal government.
Republicans expressed concern that Musk's inappropriate hatred with Trump could undermine their chances of protecting his majority in the 2026 mid-congressional election.
When asked about X, Musk said one thing that led him to attack Trump from Love is: “Raise the deficit from the deficit brought by Biden to 2.5 tons. That will ruin the country.”
Trump or the White House did not immediately comment on Musk's announcement.
Hate with Trump, often described as the world's wealthiest man and the world's most powerful, has caused Tesla's stock price to fall almost into a huge drop.
The stock soared after Trump's re-election in November and reached a high price of more than $488 in December before losing more than half of its value in April and ended last week at $315.35.
Despite Musk's pockets being deep, violating the Republican double monopoly would be a difficult task as it has dominated American political life for more than 160 years, and Trump's rating of recognition in his second term polls usually keeps more than 40% of people over 40%, despite frequent differences.
