Elon Musk has announced that he is moving ahead with plans to create a new political party. The move comes on the heels of a falling out between the billionaire and President Donald Trump over tax and spending policy.

Both Republicans and Democrats are wasting taxpayers’ money and damaging the US economy, Musk claimed on Saturday. “When it comes to bankrupting our country with waste and graft, we live in a one-party system, not a democracy,” he wrote in a post on X, the social media platform he owns. “Today, the America Party is formed to give you your freedom.”

The billionaire did not elaborate on how much progress he had made with the plan but indicated that the first move could be expected “next year,” during the US midterm elections in November 2026, when 33 of the 100 Senate seats and all 435 House seats will be up for grabs. For a new nationwide party to be established, its founding organization must qualify as a political party committee and register with the Federal Election Commission.

“The way we’re going to crack the uniparty system is by using a variant of how Epaminondas shattered the myth of Spartan invincibility at Leuctra: extremely concentrated force at a precise location on the battlefield,” Musk added in a follow-up post.