Washington, July 7 -- Billionaire entr-epreneur Elon Musk launched a new political party on Saturday in a post on X, the social media platform he owns. "By a factor of 2 to 1, you want a new political party and you shall have it! When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy. Today, the America Party is formed to give you back your freedom," he said in a post. The development comes just a month after Musk's high profile falling out with US President Donald Trump. Musk did not say where the party may be registered. To legally form the party would require it to register with the Federal Election Commission (FEC).The most recent FEC filings showed no indication that has happened, CNN said. While the party's exact platform is unclear, Musk says he aims to shake up America's two party political system, which is dominated by the Democratic and Republican parties. Musk hinted at what his new party would stand for by reposting another user on X, who stated that the outfit's agenda will be focused on reducing debt, modernising the military with AI, less regulation, free speech and centrist policies. Musk has also publicly speculated that he could target select seats in America's House of Representatives and the Senate in order to exercise greater political influence. Trump's Republicans hold a slim majority in both chambers at present. Musk on Sunday spent the morning on X taking feedback from users about the party and indicated he'd use the party to get involved in the 2026 midterm elections. In 2024, Musk used his sizable fortune to propel both Donald Trump and the Republican party to victory over the Democrats. According to the Washington Post, Trump spent roughly $288 million last year to support Trump and other Republican candidates, which made him the largest donor in that election cycle. Trump then appointed Musk to head the Department of Government Efficiency (DOGE), with a remit to slash government expenditures in an effort to reduce the national debt. However, their political partnership came to an end last month after Musk opposed Donald Trump's new budget bill, dubbed the "One Big Beautiful Bill". The bill restricted tax credits for electric vehicles, which directly impacted Tesla, Musk's $1 trillion dollar electric vehicles company. Asked on X what was the one thing that made him go from loving Trump to attacking him, Musk said: "Increasing the deficit from an already insane $2T under Biden to $2.5T. This will bankrupt the country." A day after Elon Musk escalated his feud with Donald Trump and announced the formation of a new US political party, the president's Treasury secretary said Musk should stick to running his companies....