Ken Martin, the chair of the Democratic National Committee, said Musk's effort is "going to have to be taken serious by both parties."

President Donald Trump says he's not worried about the political ramifications of Elon Musk's new political party.

Musk, who has been floating the idea of creating a third political party for weeks in the wake of his split with the president, reignited the push over the weekend after the passage of Trump's sweeping tax cut and spending bill -- which Musk railed against over its estimated impact adding trillions to the national debt.