Elon Musk's proposed new political party has some hurdles to clear before it becomes a reality. The big picture: The call for a third political party isn't new, and it's been done before to varying success. But experts agree that it will require a herculean effort from Musk to make the so-called "America Party" successful.

The billionaire Testla owner wants to create a new political party. The Rhode Island businessman and former gubenatorial candidate tried it first.

MSNBC host Jen Psaki breaks down the barriers Elon Musk will face in creating a third political party, and why he'll likely fail

The two men spoke about Mr. Musk’s push to create the America Party before the midterm elections. Mr. Yarvin has expressed support for a monarchy, along with provocative ideas about race.