The fallout between the US president, Donald Trump, and tech billionaire Elon Musk has reached a new low, with Musk declaring this weekend that he will bankroll a new political party to rival the president.

Musk, the world’s richest man, only departed from the White House this May but has been critical of Trump’s signature policy bill, which he has described as “utterly insane and destructive”.

“Today, the America party is formed to give you back your freedom,” Musk wrote on X on Saturday, adding that: “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.”

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