"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.

Netizens in China are thoroughly entertained by the public spat between the U.S. president and world's richest man.

The feud between Elon Musk and Donald Trump escalates as Musk launches the 'America Party.' Trump criticized Musk's move, deeming him 'off the rails' on Truth Social, further adding that third parties create disruption.