Top tech leaders like Elon Musk and Sam Altman are feeling unwelcome in the current two-party system. Meanwhile, Democrats—still reeling from President Donald Trump’s return to the White House on the back of his economic populism—are grappling with their own message. The turmoil points to a clash on competing visions over how to run the economy.

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,