July 6 (CNN/GNA) – Billionaire Elon Musk said Saturday he is forming a third political party, after a dramatic falling out with Donald Trump, indicating he will make good on threats he made if the president’s domestic policy bill became law.

“When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,” Trump’s former “first buddy” said on his social media platform, X. “Today, the America Party is formed to give you back your freedom.”

Musk, the largest individual donor to Trump’s 2024 presidential campaign and, until recently, a close adviser to the president who spearheaded his administration’s push to cut government waste, had criticized Trump’s “big beautiful bill” because of estimates that it would add trillions of dollars to the federal deficit.

Musk’s criticism of the bill was the catalyst for a major falling out between the two men last month. That feud seemingly cooled after Musk expressed regret and deleted the most incendiary social media posts he made about Trump, but it reignited in the last several days as the bill neared passage. Trump signed the bill into law on Friday.

It’s unclear to what extent Musk has taken steps to legally form the party, which would be required to register with the Federal Election Commission. The most recent FEC filings showed no indication that has happened.

The world’s richest man has indicated he wants a party that is fiscally conservative and reins in spending but has offered few other details about what the party’s platform would be.

GNA/Credit: CNN