Billionaire entrepreneur Elon Musk announced the launch of a new political party called the “America Party” on Saturday through a post on X, the social media platform he owns.

“By a factor of 2 to 1, you want a new political party, and you shall have it! When it comes to bankrupting our country with waste and graft, we live in a one-party system, not a democracy. Today, the America Party is formed to give you back your freedom,” Musk wrote.

This announcement comes just a month after Musk’s high-profile fallout with former President Donald Trump.

While the party’s exact platform isn’t clear yet, Musk says his goal is to shake up the long-standing two-party system dominated by Democrats and Republicans. He gave a hint about the party’s priorities by sharing a post from another X user, which said the party would focus on reducing national debt, modernizing the military with AI, cutting regulations, protecting free speech, and pursuing centrist policies.

Musk has also suggested he might run candidates for seats in the House of Representatives and the Senate to increase his political influence. Currently, Republicans hold a slim majority in both chambers.

In 2024, Musk used his wealth to help both Trump and the Republican Party push back against the Democrats. According to the Washington Post, Trump spent around $288 million last year supporting himself and other Republican candidates, making him the largest donor in that election cycle. Trump then appointed Musk to lead the Department of Government Efficiency (DOGE), tasking him with cutting government spending to reduce the national debt.

But their political partnership hit a snag last month after Musk opposed Trump’s new budget bill, called the “One Big Beautiful Bill.” The bill limited tax credits for electric vehicles, which directly affected Tesla—Musk’s $1 trillion electric car company. It was also expected to increase America’s national deficit, something Musk strongly opposed. He publicly urged Republican lawmakers to “kill the bill,” which strained his relationship with Trump.

Although tensions have since eased, Musk’s launch of the America Party could spark fresh political battles, especially since it sets itself against both the Democratic and Republican establishments.

It’s still unclear how this move will affect Musk’s businesses. Tesla, in particular, is facing stiff competition from Chinese rivals like BYD, and its recent financial struggles may have played a role in Musk’s decision to step down from DOGE earlier this June.