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.

Musk has threatened to create a new political party as he continues to oppose President Trump's One, Big, Beautiful Bill.