Elon Musk announced the formation of a new political party called the "America Party" on July 5, 2025, via his social media platform X. He stated that the party aims to challenge the two-party system and address issues like government spending, claiming it would "give you back your freedom."

This announcement followed a public feud with President Donald Trump over a spending bill, which Musk opposed. America Party filed an application for registration with the Authorities concerned. The new party’s Treasurer is Vaibhav Taneja, an Indian born CFO of  Tesla Group. 

Vaibhav Taneja is an Indian-American business executive currently serving as the Chief Financial Officer (CFO) and Chief Accounting Officer (CAO) of Tesla, Inc. since August 2023. Taneja’s 2024 compensation of $139 million, primarily from stock options and equity awards, made headlines, surpassing the earnings of tech CEOs like Satya Nadella and Sundar Pichai. His net worth is estimated to be between $37 million and $78 million, based on his Tesla stock holdings.