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Elon Musk announces formation of new political party

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00:00Elon Musk Announces Formation of New Political Party in the United States

00:10Elon Musk, head of Tesla and SpaceX, has announced the formation of a new political

00:16party in the United States. He has named the party, America Party. He made this announcement

00:21in a post on the social media platform X, formerly Twitter, on Saturday. After Musk's

00:26announcement, there was no immediate reaction from U.S. President Donald Trump or the White

00:31House. Dear viewers, if you like this news, please like it and share your comments in the

00:36comment box. Musk, a former close associate of the Trump administration, said, Today,

00:42the America Party is born to restore your freedom. Earlier, Musk ran a poll on X asking whether

00:49a new political party was needed in the United States. Musk said two-thirds of the poll participants

00:54wanted a new party, and they will get it. Last Friday, Musk announced the formation of this

01:00new party in response to President Trump's signing into law the tax cut and spending increase bill

01:05known as the Big Beautiful Bill. Musk has strongly criticized this bill proposed by Trump. He said,

01:12the bill will bankrupt the United States. Elon Musk had previously given a large donation to Trump

01:18during his presidential election campaign. He also served as the head of Trump's government

01:23efficiency department at the beginning of Trump's second term. However, disagreements arose between

01:29him and Trump over the new spending plan. This conflict intensified with Musk's announcement of

01:34forming a new political party. Earlier, Musk had said that he would form a political party and spend

01:41money to defeat lawmakers who supported Trump's tax cut and spending increase bill in the next election.

01:47Earlier this week, Trump threatened that subsidies received by Musk's companies from the federal

01:52government could be cut off. Republicans fear that the conflict between Trump and Musk could

01:58negatively impact their ability to retain their majority in the 2026 midterm congressional elections.

02:05Meanwhile, due to the conflict with Musk, Tesla's share price has also fallen significantly.

02:10After Trump was elected president for a second term, the price of each Tesla share had risen to $488.

02:18But last April, it fell by half. Most recently, the share traded at $315.35 last week.

02:27However, no matter how wealthy Musk may be, it is believed that breaking the dominance of the

02:33Republican-Democrat two-party system will not be an easy task. The two parties have been influencing

02:38U.S. politics for over 160 years.