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 touted forming a new political party—the "America Party"—after voicing his opposition to Trump's One Big Beautiful Bill Act.

Tech billionaire Elon Musk called for the United States to get rid of its polarized two-party political system while advocating for a new third party called the 'America Party' on the nation's Independence Day.