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.

While Musk was able to pour millions of dollars into pro-Trump super PACs last year, he would not legally be able to bankroll a political party. Third parties generally have to spend a great deal of money to secure ballot access before focusing on getting their candidates elected.

Billionaire Elon Musk is floating a new political party dubbed the "America Party" — but the idea could face major hurdles.

Elon Musk says he has formed a new political party called the America Party. But it remains unclear what formal steps, if any, he has taken to establish it.

Independent party founder Andrew Yang supports an Elon Musk political initiative that ‘breaks the duopoly.’ Yang said he was in contact with Musk.

The America Party has yet to hold a formative congress or issue a specific platform. Little is known about the party’s stance, beyond Musk’s vague comments of a preference for centrism, deregulation, reduction of government spending and support for Bitcoin ( BTC ).