Musk's proposal for a third party comes after disagreements with President Trump over a tax and spending bill that was passed. Does the world's richest man have a chance of succeeding where others have failed?

"When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy," Musk said in the announcement.

"I think it'll help us," Trump said about Elon Musk's "America Party." He added that "third parties have always been good for me."