Trump calls Musk's new America Party a "train wreck" after billionaire announced third-party formation following poll support.

President Donald Trump called Elon Musk's plans to form a new political party "ridiculous," saying Musk could have fun with his new project but that the United States functions best under a two-party system.

Billionaire Elon Musk said Saturday he is forming a third political party, after a dramatic falling out with Donald Trump, indicating he will make good on threats he made if the president’s domestic policy bill became law.