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.

"The America Party is formed to give you back your freedom," Musk said, days after Trump debated deporting him.

More than a month after their initial social media bluster, Elon Musk has announced the formation of a new U.S. political party in response to U.S. President Donald Trump signing his sweeping tax and spending bill into law.