Donald Trump dismissed Elon Musk's newly launched "America Party" as "ridiculous," reaffirming his belief in the traditional two-party system. Trump's remarks followed Musk's unveiling of the party, intended to challenge the perceived "one-party system" in the United States.

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 world's richest man's latest political activities prompted a brutal sell-off of Tesla stock as investors question his focus on the company.

The billionaire continued to criticize the GOP and appeared to take shots at the president after he mocked the idea of Musk creating a third-party in the U.S.