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

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.

"The America Party is formed to give you back your freedom," Musk said, days after Trump debated deporting him.