Musk’s money would go a long way in advancing Libertarians. The national organization operates with a yearly budget of between $1 million and $3 million, Nekhaila said. Musk alone funneled more than $250 million into the 2024 election (mostly through his America PAC) to help catapult Trump to the presidency in November.

Musk would need to overcome many hurdles to establish a third party. Similar efforts, including the late billionaire Ross Perot’s, haven’t lasted.