Elon Musk just declared that he has set up a new political party imaginatively named the “America Party,” shortly after reviving feud with Donald Trump.The richest man in the world helped to bankroll the US president’s election campaign on a Republican ticket last year and worked as his so-called “First Buddy” once Trump returned to the White House.

"When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy," Musk said in the announcement.

Weeks after a high-profile public falling out with U.S. President Donald Trump, tech mogul Elon Musk announced the creation of a new political party in the United States, dubbed the "America Party." Musk said on July 5 that the party's aim is to "give you back your freedom" and challenge the traditional two-party Republican and Democratic system.