Elon Musk calls for new political party

US businessman Elon Musk has called for a new US political party and reiterated his criticism of US President Donald Trump's bill that aims to cut government spending, Report informs.

"It is obvious with the insane spending of this bill, which increases the debt ceiling by a record five trillion dollars that we live in a one-party country," he wrote on X. "Time for a new political party that actually cares about the people."

This is not the first time Musk has criticized the bill. On June 5, Trump and Musk traded barbs on social media.

Musk later said he regretted several of his posts about Trump. On the Pod Force One podcast produced by the New York Post, the US president said he could forgive Musk.