Elon Musk slammed the dollar on social media, calling it and other fiat money “hopeless.” His America Party will embrace crypto, he says. That could set up another area of contention with Donald Trump, who was his political ally for many months before and after the November election.

From independent presidential bids to third-parties, several prominent businessmen have tried to upend America's two-party system in recent decades.

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.