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.

Despite growing dissatisfaction among voters with both major parties, third-party movements have largely failed to gain traction. One key reason is the structural nature of the US electoral system. The "first-past-the-post" voting mechanism awards victory to the candidate with the most votes almost always a Democrat or Republican.