"I think it'll help us," Trump said about Elon Musk's "America Party." He added that "third parties have always been good for me."

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, dubbed "America Party," to represent what he called "the 80% in the middle."

"The America Party is formed to give you back your freedom," Musk said, days after Trump debated deporting him.