Washington: Tech billionaire Elon Musk announced the formation of the "America Party," following a poll he conducted on X, where a significant majority of participants expressed a desire for a new political party. Musk's announcement came a day after the poll, which saw over 1.2 million people participating, with 65.4% voting in favor of the establishment of the new party.

According to Anadolu Agency, Musk argued that the United States currently operates under a 'one-party system' when it comes to fiscal policies that he claims lead to waste and graft, thus preventing the nation from being a true democracy. He emphasized the need for independence from the existing two-party system, linking the formation of the America Party to the spirit of Independence Day.

Musk's announcement followed a close vote in the US House of Representatives, where a significant tax cut and spending bill was passed by a narrow margin of 218-214. This bill was sent to President Trump for his approval. The timing of the announcement highlights Musk's dissatisfaction with the current political landscape, which he believes necessitates an alternative party to restore freedom to the American public.

The formation of the America Party comes in the wake of a public exchange between Musk and the US president, despite their recent appearance together at the White House. Musk had previously led the Department of Government Efficiency, which focused on reducing government spending, until his departure in late May.