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.

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

President Trump slammed the tech billionaire's announcement that he's forming a third political party. Here's what to know about the America Party.