Donald Trump dismissed Elon Musk's newly launched "America Party" as "ridiculous," reaffirming his belief in the traditional two-party system. Trump's remarks followed Musk's unveiling of the party, intended to challenge the perceived "one-party system" in the United States.

The world's richest man's latest political activities prompted a brutal sell-off of Tesla stock as investors question his focus on the company.

The billionaire continued to criticize the GOP and appeared to take shots at the president after he mocked the idea of Musk creating a third-party in the U.S.