President Donald Trump and Elon Musk are trading public insults after the Tesla billionaire suggested he'll create a new political party, "America Party."

Elon Musk says he has formed a new political party called the America Party. But it remains unclear what formal steps, if any, he has taken to establish it.

Musk said on Saturday that he was starting the “America Party” after Trump signed his signature bill of tax breaks and spending cuts. The bill was criticized by Musk and fiscal hawks for raising the national deficit, while it was criticized by Democrats for its massive cuts to Medicaid.