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.

"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.

Elon Musk's social media fight with President Trump over the budget bill this week threatens to have a larger impact.