Elon Musk announces new political party for the US

The world's richest man, Elon Musk, has announced a new political party dubbed The America Party.

The Tesla founder and billionaire has been vocal about his desire to create a third major political party to contest the Republican and Democratic parties in the United States.

After pilot-testing the name of his party with a poll on his platform X, Musk declared he has now formed The America Party.

"By a factor of 2 to 1, you want a new political party and you shall have it!" the South African-born tech entrepreneur declared.

"When it comes to bankrupting our country with waste and graft, we live in a one-party system, not a democracy.

"Today, the America Party is formed to give you back your freedom.

"One way to execute on this would be to laser-focus on just 2 or 3 Senate seats and 8 to 10 House districts," he continued.

"Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring they serve the true will of the people."

Musk suggested his party could run during the 2026 midterm elections.

Musk famously spent US$277 million (£166 million) of his own money in support of Donald Trump's 2024 election campaign, but within months of Trump's re-election, relations between the two men had soured.