WASHINGTON, July 5 (Reuters) - The dispute between Republican President Donald Trump and his main campaign financier Elon Musk took another fractious turn on Saturday when the space and automotive billionaire announced the formation of a new political party, saying Trump's "big, beautiful" tax bill would bankrupt America.

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.

Elon Musk gives it back to Donald Trump‘s dismissal of his new political party on Truth Social. Musk announced his American Party will run in the mid-term elections in 2026. The party will give Americans their freedom back and save them from the current political situation.