The U.S. leader dragged his former adviser over the coals after the tech mogul announced plans to bankroll the so-called America Party.

The wealthiest individual in the world announced the creation of the America Party in a series of weekend posts late on Saturday and early Sunday to X, formerly known as Twitter, the social media platform that is part of his private empire.

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

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

Musk, who was chosen to slash federal spending through the Department of Government Efficiency (DOGE) created by Donald Trump, has been an outspoken critic of the president's "big, beautiful bill" that the non-partisan Congressional Budget Office said would increase the national deficit by $3.3tn (£2.85tn) through 2034.

Opponents of the 'BBB' say it provides major tax cuts for the ultra-wealthy, while slashing federal safety net welfare programs, with close to 11 million people forfeiting healthcare insurance.

The pair have sparred over the bill's cost and consequences since Musk departed the government in May, and on Friday, when Trump signed his bill into law during a Fourth of July celebration on the White House lawn, Musk opened a poll on X: "Now is the perfect time to ask if you want independence from the two-party (some would say uniparty) system".

Respondents voted two to one in favor of the plan, Musk announced late on Saturday. He provided journalists with scant details about the structure of his next big thing or a timeline for its future development. But his earlier posts suggested it would focus on two or three Senate seats, and eight to 10 House districts.

It's a rather ingenious idea considering that both chambers of Congress are controlled by Republicans by a slim margin.

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

Trump scoffed at his former best buddy's decision to start and fund a new U.S. political party, calling it "ridiculous" on Sunday. "Third parties have never worked, so he can have fun with it but I think it's ridiculous," the president told reporters traveling with him back to the White House aboard his helicopter Marine One after a day of whacking golf balls.