Over the years, Elon Musk, the CEO of Tesla and SpaceX, has backed candidates on both sides of the aisle, forging ties with Democratic and Republican presidents alike. However, the disappointed billionaire now believes the US needs a third option,

Fox News' Madeleine Rivera provides details on billionaire Elon Musk's decision to form a new political party and the response from President Donald Trump.

Elon Musk has announced he will form his own political party. The billionaire told followers on social media it will be called the 'America Party'.