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

President Donald Trump took aim at Elon Musk after his former adviser announced the creation of a new political party following staunch opposition to the president's signature legislation.

Musk said on Saturday that he was starting the “America Party” after Trump signed his signature bill of tax breaks and spending cuts. The bill was criticized by Musk and fiscal hawks for raising the national deficit, while it was criticized by Democrats for its massive cuts to Medicaid.