Building a viable new political party to rival the Democrats and Republicans is enormously difficult and expensive. Small wonder it hasn’t been done.

Elon Musk has said that he’s formed a new political party, but it’s unclear what steps — if any — he’s taken to do so, or how the effort might affect upcoming elections. Musk has not yet released any additional information. Spokespeople for Musk and his political action committee, America PAC, didn’t immediately comment Monday.

The tech billionaire says a new party is needed to break up what he calls a "uniparty" system that features Republicans and Democrats.