Musk promises new political party to fight overspending

Elon Musk on Saturday said he was forming a new political party, dubbed the America Party, to fight government waste and spending. The entrepreneur and former adviser to President Donald Trump used an Independence Day poll of more than 1 million users on the social platform X decide whether to form the party. About 65% voted for the third party’s formation.

Musk also reposted a graph showing that U.S. debt rose in past years no matter which party controlled the White House. The America Party would combat what he called a Republican and Democratic uniparty.

The tech billionaire hinted at his plan online for days, both before and after the passage of the One Big Beautiful Bill Act. Musk strongly opposed the bill, which he said would push the national debt ceiling too high through government overspending.

What would the America Party’s priorities be? According to a post Musk shared from a verified Tesla Owners group in Silicon Valley, the new party’s goals will include:

• Reduction in government spending and debt

• Artificial intelligence technology in military

• Low regulation on tech and AI

• Less regulation on other sectors, especially energy

• Free speech

• Pronatalism (encouraging more childbearing)

• Centrist social policies

Will Musk support an America Party presidential candidate? Musk shared a post from Dilbert creator Scott Adams who wrote that Musk was unlikely to field a candidate for president. Musk himself said he would likely instead choose individual Senate and House races to target in order to get lawmakers focused on debt reduction into both chambers. Already razor-thin legislative margins would work in their favor, he said.

How did Trump react to Musk’s plans? The president on Sunday said that third parties don’t have a history of success and that the American system doesn’t seem to be designed for them. Third parties cause chaos, he said.

Dig deeper: Read Travis K. Kircher’s report on the signing of the One Big Beautiful Bill Act.