WASHINGTON, July 5 (Reuters) - The dispute between Republican President Donald Trump and his main campaign financier Elon Musk took another fractious turn on Saturday when the space and automotive billionaire announced the formation of a new political party, saying Trump's "big, beautiful" tax bill would bankrupt America.

Elon Musk said he’s carrying out his threat to form a new political party after his fissure with President Donald Trump, announcing the America Party in response to the president’s sweeping tax cuts law.

Billionaire Elon Musk said Saturday he is forming a third political party, after a dramatic falling out with Donald Trump, indicating he will make good on threats he made if the president’s domestic policy bill became law.