Elon Musk has launched a new America Party to challenge what he described as the US' 'one-party system'

Multibillionaire tech CEO Elon Musk says he has launched a new US political party called the America Party.

"When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy. Today, the America Party is formed to give you back your freedom," he posted on X, the social media platform he owns, on Saturday. 

The Tesla and SpaceX CEO floated the idea of forming a new political party after a public and bitter falling-out with President Donald Trump.

He revived the idea this week as US lawmakers approved Trump's sweeping tax and spending bill.

Musk was among the legislation's most vocal critics and has pledged to establish a new party to oppose Republicans who supported the bill.

More to come on this developing story.