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.

The billionaire isn't the first to decide he can do politics better than the parties. The public isn't so sure.

"I think it'll help us," Trump said about Elon Musk's "America Party." He added that "third parties have always been good for me."