President Donald Trump took aim at Elon Musk after his former adviser announced the creation of a new political party following staunch opposition to the president's signature legislation.

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.

After a public falling out and open criticisms of President Donald Trump, Elon Musk announced his plans to form a new political party. Here's what to know