On the heels of the Fourth of July -- and amid his feud with President Donald Trump and congressional Republicans over the president's tax policy bill -- tech billionaire Elon Musk announced plans for a brand new political party, dubbed "America Party," to represent what he called "the 80% in the middle."

Musk's proposal for a third party comes after disagreements with President Trump over a tax and spending bill that was passed. Does the world's richest man have a chance of succeeding where others have failed?

Elon Musk's net worth has taken a $15.3 billion hit after the Tesla CEO announced he was to form a new political party. The news sent ripples through financial markets and spooked investors concerned about Musk's political ambitions and possible implications for Tesla's brand and business operations.