"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.

President Donald Trump fired back at Elon Musk following the tech billionaire's 'off the rails' announcement that he plans to start a new political party