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

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

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.