Billionaire Elon Musk (Archive Photo: REUTERS/Nathan Howard)

A day after asking his followers on his X platform whether a new US political party should be created, Musk declared in a post on Saturday that "Today, the America Party is formed to give you back your freedom.

However, he has not yet confirmed whether the party will be officially registered or provided details about its structure and operations.

This move follows US President Donald Trump’s recent signing of a sweeping tax and spending bill, also referred to as the “big, beautiful bill.”

Although Musk previously contributed hundreds of millions of dollars to Trump’s re-election campaign and led the Department of Government Efficiency during Trump’s second term, the two have since diverged over the tax and spending bill.