President Trump commented on reports that Elon Musk plans to found a new political party called the "America Party after the GOP passed its "Big, Beautiful Bill." "He can have fun with it, but I think it's ridiculous,

Musk previously threatened to start the new "America Party" last week, expressing his disapproval of Trump's "One Big Beautiful Bill Act" and declaring that he would form a new political party if it passed. This spending bill ultimately did pass, with Trump signing it into law on Friday, July 4.

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.