"I think it'll help us," Trump said about Elon Musk's "America Party." He added that "third parties have always been good for me."

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?

"The America Party is formed to give you back your freedom," Musk said, days after Trump debated deporting him.