"When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy," Musk said in the announcement.

The tech billionaire formally declared the "America Party" after President Trump signed his signature bill, setting the stage for a dramatic political confrontation.

Elon Musk said a new political party he has been threatening to start up “is formed,” a day after President Donald Trump signed a tax-cut and spending bill that the Tesla Inc. billionaire chief executive officer has denounced.