Elon Musk Slams Donald Trump's 'Insane Spending Bill' As Polymarket Odds Of 'America Party' Launch Surge

Tesla TSLA and SpaceX CEO Elon Musk has reiterated threats to form a new “America Party,” as his public feud with President Donald Trump over the “Big Beautiful Bill” continues to gather steam.

What Happened: The calls for a new U.S. political party gained momentum on July 1 after Musk sharply criticized President Trump's proposed bull, a federal spending package Musk labeled a "disgusting abomination" due to its tax breaks and cuts to essential programs like healthcare and food assistance.

In a viral post on X, Musk declared: "If this insane spending bill passes, the America Party will be formed the next day."

Crypto influencer The Bitcoin Therapist quipped in response, "Time to buy more Bitcoin. He who gets the most BTC wins."

The backlash was swift and widespread. Musk’s remarks fueled speculation, and within hours, Polymarket odds of him launching a political party by December 31, 2025 jumped from 11% to 44%.

Earlier in the day, odds of forming a party within one day of the bill's passage had touched 50%, though later settled at 21%.

Building Momentum

Musk has increasingly positioned himself as politically independent.

In a June 5 poll on X, he asked: "Is it time to create a new political party in America that actually represents the 80% in the middle?"

The result: 80% voted yes. Musk replied, "The people have spoken. A new political party is needed."

While the billionaire has not taken formal steps toward party formation, his frustration with both major parties, particularly the GOP, has intensified.

Once Trump's largest individual donor in 2024, contributing over $275 million, Musk's relationship with the former president fractured after he resigned from his co-chair role in the Department of Government Efficiency (D.O.G.E.) in May 2025, citing clashes over economic policy.

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Also Read: Trump Says Elon Musk Would ‘Close Up Shop And Head Back Home To South Africa’ Without Subsidies: ‘No More Rocket Launches, Satellites, Or Electric Car’

Why It Matters: Despite his immense wealth and platform control, especially his ownership of X, analysts warn that creating a successful third party remains an uphill battle.

The U.S. electoral system strongly favors the two-party structure through ballot access restrictions and first-past-the-post voting mechanics.

History offers a cautionary tale: even Ross Perot's 1992 campaign, backed by substantial funding and national media attention, failed to establish a lasting third-party presence despite capturing 19% of the vote.

Musk, however, offers a unique mix of capital, cultural influence, and a massive online following.

Whether that can translate into electoral viability remains uncertain—but his growing political ambitions are drawing increasing attention.

What's Next: President Trump responded to Musk’s threats on Tuesday morning by announcing that ‘DOGE’ may “look into” the billionaire’s businesses. TSLA is down over 5% on the day at the time of writing.

The fate of Trump's spending bill remains in limbo, with the Senate still debating its provisions.

If it fails, Musk's urgency may cool. But his dissatisfaction with both Democrats and Republicans, and clear desire to rally America's political "middle", suggests this won't be the last time we hear calls for the "America Party."

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