Elon Musk says he has formed a new political party called the America Party. But it remains unclear what formal steps, if any, he has taken to establish it.

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

The tech billionaire says a new party is needed to break up what he calls a "uniparty" system that features Republicans and Democrats.