Musk described his new party on his platform X as tech-centric, budget-conscious, pro-energy and centrist, with the goal of drawing both disaffected Democrats and Republicans. Musk has criticized the tax-cut bill, which is forecast to add about $3.4 trillion to the United States' debt.

The richest man in the world says he has started “the America Party.” Turning it into a meaningful movement will be difficult.

As a rule, third party candidates don’t win in the United States. Then again, a third-party bid has never had the backing of the world’s richest man.