Musk's been inside govt meetings it's where powerful ppl make decisions which affect billions of ppl. He knows he won't be invited back to the white house while Trump's president but he wants to get involved in politics. Musk knows he's got unlimited money to fund a new America party so he's going to try changing how American's vote.
Although he announced the formation of the "American Party" on July 5 after Trump's OBBB was passed by Congress. But so far, there has been no official news or official confirmation from Elon that the "American Party" has been born. In other words, this is still just Elon's idea, it has not been officially implemented or legally registered.
Forming a new party will not be easy, and money alone is not enough, and I believe Elon understands that better than anyone. So, I don't think we're going to have a new party. And if Elon wants to get involved in politics, he has plenty of ways to do it.