Billionaire Elon Musk said Saturday he is forming a third political party, after a dramatic falling out with Donald Trump, indicating he will make good on threats he made if the president’s domestic policy bill became law.

Breaking the two-party system's grip on U.S. federal elections would take tremendous resources and a long-term commitment, political experts say. Similar attempts have failed, underscoring how difficult it is to gain a foothold in a country where elections are organized on a state-by-state level.