"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."

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."

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.