Elon Musk has said that he's formed a new political party, but it's unclear what steps — if any — he's taken to do so, or how the effort might affect upcoming elections. Musk has not yet released any additional information.

President Trump slammed the tech billionaire's announcement that he's forming a third political party. Here's what to know about the America Party.

Musk said on Saturday that he was starting the “America Party” after Trump signed his signature bill of tax breaks and spending cuts. The bill was criticized by Musk and fiscal hawks for raising the national deficit, while it was criticized by Democrats for its massive cuts to Medicaid.