The announcement from Musk comes a day after Trump signed a tax-cut and spending bill into law, which the billionaire had fiercely opposed.

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.

Elon Musk's latest move adds to the list of steps he has taken to challenge some of President Donald Trump's policies.