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."

Elon Musk, a figure synonymous with innovation and ambition, frequently makes headlines not just for his ground breaking ventures but also for his outspoken political views. Yet, when these opinions translate into public actions,

President Trump said Elon Musk's new third party is "good for me" but maybe not for other Republicans during a press conference.

Building a new political party to rival the Democrats and Republicans is enormously difficult and expensive. Small wonder it hasn’t been done.

Florida Gov. Ron DeSantis suggested that business magnate Elon Musk could make a big impact on U.S. politics if he pushes for balanced budget and term limit constitutional amendments. (Credit: @GovRon

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.