On the heels of the Fourth of July -- and amid his feud with President Donald Trump and congressional Republicans over the president's tax policy bill -- tech billionaire Elon Musk announced plans for a brand new political party,

Elon Musk says he has formed a new political party called the America Party. But it remains unclear what formal steps, if any, he has taken to establish it.

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