Musk described his new party on his platform X as tech-centric, budget-conscious, pro-energy and centrist, with the goal of drawing both disaffected Democrats and Republicans. Musk has criticized the tax-cut bill, which is forecast to add about $3.4 trillion to the United States' debt.

The Tesla CEO says both parties have failed and claims The American Party will fight government bloat, attract disillusioned Democrats, and shake up the system.

Musk said he wants to form the America Party. A third party has never won the presidency, but they have influenced elections, experts say — mostly as spoilers.