In an escalation of Elon Musk’s fractured relationship with President Donald Trump and his Republican allies, the Tesla CEO has floated the idea of starting a new political party to rival the two-party system.

As the Republican Party braces for aftershocks from President Donald Trump's spectacular clash with Elon Musk, lawmakers and conservative figures are urging détente, fearful of the potential consequences from a prolonged feud.

In an interview with NBC News, the president also said he assumes his relationship with the tech billionaire is over following their recent falling out.