Tesla founder and billionaire Elon Musk has announced the name of his new political party: The America Party.

The South African-born tech entrepreneur has been vocal about his desire to create a third major political party to contest the Republican Party and Democratic Party in the United States.

After pilot-testing the name of his party with a poll on his platform X (formerly Twitter), Musk declared he has now formed The America Party.

"By a factor of 2 to 1, you want a new political party and you shall have it!" Musk said.

"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."

Musk spoke about how he would bring his new US party into power in a post late last week on X.

"One way to execute on this would be to laser-focus on just 2 or 3 Senate seats and 8 to 10 House districts," he said.

"Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring they serve the true will of the people."

Musk suggested his party could run during the 2026 midterm elections.

Political parties in the US only need to be registered with the Federal Election Commission if they raise or spend money over a certain threshold.

Musk spent US$277 million (approx. $422 million) of his own money in support of Donald Trump's 2024 election campaign.

Musk has publicly opposed Trump's 'Big, Beautiful Bill' which narrowly passed Senate last week and has critiqued the president's economic policy on X.

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