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

Billionaire Elon Musk is floating a new political party dubbed the "America Party" — but the idea could face major hurdles.

Within the course of a few weeks, Elon Musk has gone from a close confidante of President Donald Trump to his apparent political enemy. There is no clearer evidence of this than Musk's intention to start a third-party movement to fight against the Democrats and Republicans;