Elon Musk said he’s carrying out his threat to form a new political party after his fissure with President Donald Trump.

President Donald Trump said on Sunday that billionaire Elon Musk's move to start a new U.S. political party is ridiculous and could add to confusion. "I think it's ridiculous to start a third party," Trump told reporters before boarding Air Force One in Morristown,

"When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy," Musk said in the announcement.