Musk said he wants to form the America Party. A third party has never won the presidency, but they have influenced elections, experts say — mostly as spoilers.

"When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy," Musk said in the announcement.

WASHINGTON: Although US President Donald Trump has brushed off Elon Musk’s plans for a new political party as “ridiculous”, the tech billionaire’s announcement underscored the threat the disaffected former ally poses to US Republicans defending paper-thin congressional majorities.