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 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.

The tech billionaire says a new party is needed to break up what he calls a "uniparty" system that features Republicans and Democrats.