BRIDGEWATER, N.J. (AP) — Elon Musk said he’s carrying out his threat to form a new political party after his fissure with President Donald Trump, announcing the America Party in response to the president’s sweeping tax cuts law.

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 said on Saturday that he was starting the “America Party” after Trump signed his signature bill of tax breaks and spending cuts. The bill was criticized by Musk and fiscal hawks for raising the national deficit, while it was criticized by Democrats for its massive cuts to Medicaid.