Elon Musk said he’s carrying out his threat to form a new political party after his fissure with President Donald Trump, announcing on social media that he would form the America Party in response to the president’s sweeping tax cuts law.

If you’re old enough, you’ve seen this movie: An eccentric billionaire, full of bile and nursing grudges against the incumbent Republican president, wants to create a third major political party and shake up the system.

MSNBC host Jen Psaki breaks down the barriers Elon Musk will face in creating a third political party, and why he'll likely fail

Shares in Tesla plunged 6.79% Monday after its CEO Elon Musk said he is forming a new American political party, provoking an irate response from President Donald Trump. Shares in Tesla (TSLA) had dropped as much as 7.

Washington Examiner Senior Writer Joe Concha predicted Tesla CEO Elon Musk would not elect even one representative to Congress via his new political party. Musk conducted a poll on X Saturday that found 65.

In the wake of President Trump’s key tax and spending bill passing Congress and being signed into law, Elon Musk asked on social media if he should form a new political party, calling it the “America Party”.