emirates7 - The rift between Republican President Donald Trump and his top campaign donor Elon Musk deepened on Saturday, as the billionaire entrepreneur announced the launch of a new political party, warning that Trump’s signature tax bill could drive the U.S. into financial ruin.

Just one day after polling users on his X platform about the need for a new political party, Musk made it official in a Saturday post, proclaiming, "Today, the America Party is formed to give you back your freedom."

“You’ve made it clear—by a 2 to 1 margin—that you want a new party, and now you’ve got one!” he added.

Musk’s move follows the signing of Trump’s highly promoted tax-cut and spending bill on Friday—a measure Musk has strongly criticized.