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

Elon Musk says he has formed a new political party called the America Party. But it remains unclear what formal steps, if any, he has taken to establish it.

The billionaire says the America Party aims to disrupt U.S. politics, but with no candidates yet and major ballot hurdles ahead, its future remains uncertain.