Elon Musk, the single biggest Republican donor in the 2024 elections, says he wants to create a new political party to lower the US national debt, which currently stands at $37 trillion.

U S President Donald Trump has hit out at former close ally Elon Musk over the multi-billionaire's plan to launch a new political party. "I am saddened to watch Elon Musk go completely 'off the rails,' essentially becoming a train wreck over the past five weeks," Trump posted on his Truth Social platform on Sunday.

President Donald Trump on Sunday called Elon Musk's plans to form a new political party "ridiculous," launching new barbs at the tech billionaire and saying the Musk ally he once named to lead NASA would have presented a conflict of interest given Musk's business interests in space.