"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.

President Donald Trump fired back at Elon Musk following the tech billionaire's 'off the rails' announcement that he plans to start a new political party

Elon Musk said he's launching a new political party, following through with his threat to challenge the two-party system after President Trump signed the "big, beautiful bill."