Austin, Texas - Elon Musk announced on Saturday that he is fulfilling his vow to launch his America Party – a third political party that seeks to challenge America's two-party system.

"By a factor of 2 to 1, you want a new political party, and you shall have it!" Musk wrote in an X post.

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

"Today, the America Party is formed to give you back your freedom," he added.

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Musk, the world's richest man, had poured millions of his own dollars to help President Donald Trump win re-election in January, and worked by his side as head of the Department of Government Efficiency (DOGE).

But after Musk ended his work with DOGE, the two have been publicly feuding as the billionaire has been openly critical of Trump's controversial "Big, Beautiful Bill," as it is expected to add trillions to the national debt.

Musk hated the piece of legislation so much that he vowed to start the America Party if it passed, and after the House recently approved it, it appears he is delivering on the threat.

While it's unclear what steps Musk has taken to officiate the party, as he has not filed necessary paperwork with the Federal Election Commission yet, he promised in a follow-up post it would be active by "next year."

Since his informal announcement, Musk has been enthusiastically sharing memes, asking X users for their thoughts, and appears to be planning an inaugural congress, which he says will be "super fun!"

One post Musk shared outlined a handful of things the party will focus on, including reducing debt by implementing responsible spending only, modernizing the military with AI/robotics, accelerating to win the AI race, less regulation across the board, free speech, pro-natalism, and centrist policies everywhere else.

Steven Nekhaila, leader of the Libertarian Party, recently called Musk's ambitions a "mistake," explaining it takes "years and years and years" for a new party to build the infrastructure needed to take on Democrats and Republicans, which is "not a fun process."