Musk would need to overcome many hurdles to establish a third party. Similar efforts, including the late billionaire Ross Perot’s, haven’t lasted.

Billionaire Elon Musk is floating a new political party dubbed the "America Party" — but the idea could face major hurdles.

Due to disappointment with his former ally Donald Trump - and his enormous domestic policy bill - Musk has suggested that he would form the “America party” the day after the bill passes. Musk has said he wants to build a fiscally conservative party,