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.

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 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.