Billionaire Elon Musk said Saturday he is forming a third political party, after a dramatic falling out with Donald Trump, indicating he will make good on threats he made if the president’s domestic policy bill became law.

Apparently following through on his threat to challenge Republicans who supported Donald Trump’s budget bill, Musk tweeted, “Today, the America Party is formed to give you back your freedom.” He also said it will be ready next year -- a “consistently proven wrong” theme for Musk.

"When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy," Musk said in the announcement.