Elon Musk said he’s carrying out his threat to form a new political party after his fissure with President Donald Trump, announcing the America Party in response to the president’s sweeping tax cuts law.

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.