Here's what it would take for Elon Musk to launch a third-party effort to represent what he called "the 80% in the middle."

The onetime Trump adviser is toying with the idea of establishing his own political party as the billionaire sours on the current administration — but some GOP lawmakers aren’t convinced Musk can compete.

Musk said he wants to form the America Party. A third party has never won the presidency, but they have influenced elections, experts say — mostly as spoilers.