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,

Elon Musk's Tesla has reported a 14% decline in vehicle deliveries in the second quarter of the year, as the electric car-maker's problems show no sign of abating. The just over 384,000 vehicles it delivered between April and June represents the second quarterly drop in a row.

Tesla, the electric-vehicle maker led by Elon Musk, saw global sales drop 13.5%, marking the second consecutive quarter with double-digit declines.

Tesla is headed for another year of shrinking sales after it posted a second straight drop in quarterly deliveries, dragged down by CEO Elon Musk's right-wing political stances and an aging vehicle line-up that has turned off some buyers.