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.

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.