Elon Musk said a new political party he has been threatening to start up “is formed,” a day after President Donald Trump signed a tax-cut and spending bill that the Tesla Inc. billionaire chief executive officer has denounced.

Apparently following through on his threat to challenge Republicans who supported Donald Trump’s budget bill, Musk tweeted, “Today, the America Party is formed to give you back your freedom.” He also said it will be ready next year -- a “consistently proven wrong” theme for Musk.

This is Washington’s MO: short-term politicking over long-term sustainability.’ Musk reposted this comment, expressing agreement with a ‘100’ emoji, his first public statement on the bill since its official passage.