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.

Tesla CEO Elon Musk has launched a new political party in the United States, declaring the formation of the “America Party” on Saturday. The move follows Musk’s fallout with President Donald Trump over a sweeping tax and spending bill that Musk criticized for deepening the nation’s fiscal woes.