AsianFin -- U.S. President Donald Trump dismissed Elon Musk’s plan to launch a new political party, calling the idea “ridiculous” and predicting it would fail.

“Third parties have never worked, so he can have fun with it, but I think it’s ridiculous,” Trump told reporters on Sunday.

Musk announced on Saturday that the “America Party” he had previously hinted at “is formed,” just a day after Trump signed a tax-cut and spending bill that Musk had publicly criticized.

The Tesla and SpaceX CEO did not provide further details about the party, and there’s no immediate indication that any official filings have been made. Musk made the announcement on his X platform after sharing the results of an informal poll showing 65% of respondents supported creating an America Party.