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.

Musk, who has distanced himself from Republicans amid his split with President Donald Trump, has suggested his political party will target Congressional seats.