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."

"When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy," Musk said in the announcement.

President Donald Trump fired back at Elon Musk following the tech billionaire's 'off the rails' announcement that he plans to start a new political party