"When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy," Musk said in the announcement.

Musk said he wants to form the America Party. A third party has never won the presidency, but they have influenced elections, experts say — mostly as spoilers.

President Trump slammed the tech billionaire's announcement that he's forming a third political party. Here's what to know about the America Party.