Musk's proposal for a third party comes after disagreements with President Trump over a tax and spending bill that was passed. Does the world's richest man have a chance of succeeding where others have failed?

President Donald Trump says he's not worried about the political ramifications of Elon Musk's new political party.

"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."