Elon Musk said he’s carrying out his threat to form a new political party after his fissure with President Donald Trump, announcing on social media that he would form the America Party in response to the president’s sweeping tax cuts law.

Elon Musk has launched a new political group called the America Party following tensions with Donald Trump and the GOP. The party aims to break the current two-party system. Musk cannot run for president but plans to support candidates aligned with his ideas on federal debt,

The president slammed the tech billionaire's announcement that he's forming a third political party. Here's what to know about the 'America Party'.