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

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.

Elon Musk announced the creation of the 'America Party' after fighting with President Donald Trump over government spending. Experts say it will be tough to achieve success