Nigeria, July 1 -- The world's richest man, Elon Musk, has threatened to sponsor the formation of a new party in the United States to challenge the two dominant parties.

The Democratic Party and the Republican Party have dominated US elections for decades and have produced almost all American presidents.

Mr Musk spoke in continuation of his opposition to the current US President Donald Trump's economic bill, which has already passed in the House of Representatives.

"If this insane spending bill passes, the America Party will be formed the next day, " Mr Musk wrote on his X platform. "Our country needs an alternative to the Democrat-Republican uniparty so that the people actually have a VOICE."

Messrs Musk and Trump were allies and the...