Elon Musk has launched the 'America Party' after becoming disillusioned with both Republicans and Democrats, especially following Trump’s major spending bill. The new party promotes fiscal responsibility and free speech.

Elon Musk said he’s carrying out his threat to form a new political party after his fissure with President Trump, announcing on social media that he would form the America Party in response to the president’s sweeping new law.

As Elon Musk threatens to float a new political party in protest against Donald Trump's massive spending bill, the spotlight turns to America's rigid two-party system, its history of third-party challenges,