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 feud with President Donald Trump, announcing the America Party in response to the president’s sweeping tax cuts law.

After a public falling out and open criticisms of President Donald Trump, Elon Musk announced his plans to form a new political party. Here's what to know