In January, Trump appointed Elon Musk as senior advisor and de facto director of the newly founded "Department of Government Efficiency" (DOGE), tasking him with reducing bureaucratic waste through an executive order- until his departure in late May.

Musk would need to overcome many hurdles to establish a third party. Similar efforts, including the late billionaire Ross Perot’s, haven’t lasted.

Elon Musk’s feud with President Donald Trump has reignited, with the tech billionaire threatening to launch a new political party and Trump suggesting Musk could be punished for his opposition.