Elon Musk Says He Will Start a New Political Party

Elon Musk, the world’s wealthiest person and the country’s biggest political donor, said on Saturday that he would create a new political party, an enormous and challenging undertaking that would test the billionaire’s newfound influence on American politics.

“When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,” Mr. Musk wrote on X, his social media website, on Saturday. “Today, the America Party is formed to give you back your freedom.”

Mr. Musk, once a close ally of President Trump’s who in recent weeks has repeatedly bickered with him, had not filed paperwork as of Saturday evening for the new party, though he added in a separate post that the America Party would be active in elections “next year.” No immediate signs suggested that Mr. Musk was working to establish his party quickly. Any new entity would be required to be disclosed to the Federal Election Commission.

Mr. Musk has spoken with friends in recent days about his plan for a political party and what it would take to accomplish it, according to a person briefed on those conversations. The discussions have been more conceptual than pragmatic, the person said.

Even as Mr. Musk has proved that he is willing to use his resources to move quickly and dramatically, he also has a long history of not following through on promises.

Mr. Musk, who helped slash government programs and funding by leading the Department of Government Efficiency before publicly feuding with Mr. Trump, had grown incensed by the president’s sweeping domestic policy bill. Last month, on social media, he called it a “disgusting abomination,” adding that it would “massively increase the already gigantic budget deficit” and that “Congress is making America bankrupt.”