The Tesla CEO says both parties have failed and claims The American Party will fight government bloat, attract disillusioned Democrats, and shake up the system.

Writing on X, formerly Twitter, multiple people have responded to Musk announcing he would form a new party, though he has also attracted criticism, too. On Saturday, Musk announced he was forming a new political party called the "America Party.

Tesla ( TSLA 0.04%) is one of the world's leading electric vehicle (EV) manufacturers, but many analysts believe the company's true value lies in its futuristic product platforms like the autonomous robotaxi and Optimus humanoid robot. In fact, CEO Elon Musk believes those products will make Tesla the largest company in the world one day.