American history is littered with third-party bids that flared brightly only to fizzle out, he explained. George Wallace carried five Southern states in 1968 and Ross Perot grabbed nearly 19% of the popular vote in 1992 — yet neither cracked the two-party hold on the presidency.

Musk's new party might focus on picking up House and Senate seats in the midterm elections next year. He is not the first person trying to break the United States' two-party system.