Elon Musk to form new political party

(CNN, KYMA/KECY) - Elon Musk is keeping his promise as the tech billionaire said Saturday he is forming a new political party.

Musk threatened to create the "America Party" if Congress passed and President Donald Trump signed his signature domestic policy bill, which the president called his "one big, beautiful bill," into law.

Musk once again criticized the legislation, saying the new law will bankrupt the country with wasteful spending.

Budget analysts project the new law will add trillions of dollars to the deficit over the next 10 years.

Musk said his new party will give people back their freedom since he believes the country is currently operating as a one-party system and not a democracy.

It is unclear what steps Musk has taken to form a new political party.

President Trump has lashed out at Musk and has threatened to reconsider the massive contracts the government has with Musk's companies.