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.

More than a month after their initial social media bluster, Elon Musk has announced the formation of a new U.S. political party in response to U.S. President Donald Trump signing his sweeping tax and spending bill into law.

The tech billionaire’s effort to create a new political party, called the America Party, comes amid a ramped-up feud with the president over his new domestic policy law.