Musk, who has been floating the idea of creating a third political party for weeks in the wake of his split with the president, reignited the push over the weekend after the passage of Trump's sweeping tax cut and spending bill -- which Musk railed against over its estimated impact adding trillions to the national debt.

More than a month after their initial social media bluster, Elon Musk has announced the formation of a new U.S. political party in response to U.S. President Donald Trump signing his sweeping tax and spending bill into law.