BRIDGEWATER, N.J. — 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.

Musk, once an ever-present ally to Trump as he headed up the slashing agency known as the Department of Government Efficiency, broke with the Republican president over his signature legislation, which was signed into law Friday.

As the bill made its way through Congress, Musk threatened to form the America Party if “this insane spending bill passes.”

“When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,” Musk said Saturday on X, the social media company he owns. “Today, the America Party is formed to give you back your freedom.”

The formation of new political parties is not uncommon, but they typically struggle to pull any significant support away from the Republican and Democratic parties. But Musk, the world’s richest man who spent at least $250 million supporting Trump in the 2024 election, could affect the 2026 elections determining control of Congress if he is willing to spend a lot of money.

His reignited feud with Trump could also be costly for Musk, whose businesses rely on billions of dollars in government contracts and whose publicly traded company Tesla has taken a hit in the market.

Spokespeople for Musk and his America PAC didn’t comment Sunday.

As of Sunday morning, multiple political parties were listed in the Federal Election Commission database that had been formed in the hours since Musk’s Saturday X post with versions of “America Party,” “DOGE” or “X” in the name, or Musk listed among affiliated people.

But none appeared to be authentic, listing contacts for the organization as such email addresses as “wentsnowboarding@yahoo.com” or untraceable Protonmail addresses.

Musk spent Sunday morning on X taking feedback from users about the party. He has called the package of tax breaks and spending cuts a “disgusting abomination,” warning that it would increase the federal deficit.

Treasury Secretary Scott Bessent, who clashed with Musk while he ran DOGE, said on CNN’s “State of the Union” on Sunday that DOGE’s “principles” were popular but “if you look at the polling, Elon was not.”