The billionaire’s latest venture into U.S. politics points to cracks in the two-party system—even if it might flop.

Before we assess the eternally unrealized dream of a potent third party in American politics, let’s consider the specific, recently emergent dream of one specific man: Elon Musk. Yeah, yeah, he took a poll on his social media platform and his fans said they wanted him to form a third party so he created the “America Party.” Cool. But … why?

Could Elon Musk succeed where Ross Perot failed? With deep pockets and disaffected voters, a third party bid may be more plausible.