Elon Musk has unveiled a new political party called the America Party, aiming to disrupt the U.S. two-party structure. The move follows a major fallout with former ally Donald Trump over controversial federal spending plans.

Elon Musk called President Trump’s spending bill the “Debt Slavery Bill” on X in June, saying it would raise the debt ceiling by $5 trillion. The debt ceiling sets the legal limit on how much money the federal government can borrow.