Building a viable new political party to rival the Democrats and Republicans is enormously difficult and expensive. Small wonder it hasn’t been done.

From independent presidential bids to third-parties, several prominent businessmen have tried to upend America's two-party system in recent decades.

Musk described his new party on his platform X as tech-centric, budget-conscious, pro-energy and centrist, with the goal of drawing both disaffected Democrats and Republicans. Musk has criticized the tax-cut bill, which is forecast to add about $3.4 trillion to the United States' debt.