Musk, who had been a close ally of the president, announced on X Saturday that he would be forming the “America Party.” His decision was based on an X poll that he posted on July 4, where he asked users on the social media website if there should be an America Party.

Here's what it would take for Elon Musk to launch a third-party effort to represent what he called "the 80% in the middle."

Elon Musk, the single biggest Republican donor in the 2024 elections, says he wants to create a new political party to lower the US national debt, which currently stands at $37 trillion.