Elon Musk has said that he's formed a new political party, but it's unclear what steps — if any — he's taken to do so, or how the effort might affect upcoming elections. Musk has not yet released any additional information. Spokespeople for Musk and his political action committee, America PAC, didn’t immediately comment Monday.

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.