"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.

Elon Musk said he's carrying out his threat to form a new political party after his fissure with President Trump, announcing on social media that he would form the America Party in response to the president's sweeping new law.

"The America Party is formed to give you back your freedom," Musk said, days after Trump debated deporting him.