#MuskAmericaParty Elon Musk says he is launching a new political party, weeks after dramatically falling out with US President Donald Trump."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 was also Trump's key financial backer: Musk spent $250m (£187m) to help him regain office.

After the election, he was appointed to lead the so-called Department of Government Efficiency (Doge), which was tasked with identifying swingeing cuts in the federal budget.

His fallout with Trump began when he left the administration in May and publicly criticised Trump's tax and spending plans.