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.

Elon Musk suggested a third political party, which he’s floated as the “America Party,” will hold significant sway in the Senate and House under slim Republican margins, as he aspires to form a competing party after breaking with the GOP over President Donald Trump’s signature policy bill.