It comes after the billionaire announced plans to launch the America Party, following his rift with President Donald Trump.

Elon Musk recently launched the America Party. By learning from Ross Perot's failed third party campaign in 1992, Musk's party could succeed.

Can a third political party succeed in the US? Presidential elections are largely seen as a contest between the Democratic and Republican parties.

“It is about time that the common sense man and the business man and the farmers and bankers of this country get together and formed a third political party,” William H. Woodin, the industrialist and future Treasury Secretary, told The Wall Street Journal on April 6, 1922.

LinkedIn cofounder and top Democratic donor Reid Hoffman said he's "very sympathetic" to Musk's core cause of reining in deficits.

The world’s greatest innovator has set his sights on America’s biggest problem: the two-party system that is ripping our social fabric, bankrupting

The billionaire Testla owner wants to create a new political party. The Rhode Island businessman and former gubenatorial candidate tried it first.