More than a month after their initial social media bluster, Elon Musk has announced the formation of a new U.S. political party in response to U.S. President Donald Trump signing his sweeping tax and spending bill into law.

The tech billionaire’s effort to create a new political party, called the America Party, comes amid a ramped-up feud with the president over his new domestic policy law.

Dan Ives, an analyst with Wedbush, wrote that Musk's continued push into politics is "exactly the opposite direction" investors want to see.