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.

From independent presidential bids to third-parties, several prominent businessmen have tried to upend America's two-party system in recent decades.

President Donald Trump says he's not worried about the political ramifications of Elon Musk's new political party.