Musk said he wants to form the America Party. A third party has never won the presidency, but they have influenced elections, experts say — mostly as spoilers.

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

Elon Musk announced the launch of a new, third political party, which aims to unseat Republican lawmakers who backed President Trump's recently-passed tax and spending bill.