Reportedly, it turns out that the political outfit has officially registered with the Federal Election Commission (FEC). Called 'America Party (AMEP),' the new organization registered with the FEC on July 6 under Filing FEC-1898441 and FEC Committee ID-C00910323.

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.

Elon Musk has said that he’s formed a new political party, but it’s unclear what steps — if any — he’s taken to do so, or how the effort might affect upcoming elections. Musk has not yet released any additional information. Spokespeople for Musk and his political action committee, America PAC, didn’t immediately comment Monday.