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

It’s not yet seven weeks since two of the most powerful men in America bid each other a fond farewell during a meeting in the Oval Office, Elon Musk hanging up his hat as the head of the Trump administration’s Department of Government Efficiency and returning to Texas as CEO of Tesla.

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.