After a public falling out and open criticisms of President Donald Trump, Elon Musk announced his plans to form a new political party. Here's what to know

The tech billionaire says a new party is needed to break up what he calls a "uniparty" system that features Republicans and Democrats.

Musk described his new party on his platform X as tech-centric, budget-conscious, pro-energy and centrist, with the goal of drawing both disaffected Democrats and Republicans. Musk has criticized the tax-cut bill, which is forecast to add about $3.4 trillion to the United States' debt.