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

"When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy," Musk said in the announcement.

BRIDGEWATER, N.J. (AP) — Elon Musk said he’s carrying out his threat to form a new political party after his fissure with President Donald Trump, announcing the America Party in response to the president’s sweeping tax cuts law.