The idea of a third political party that shakes up the Democrat and Republican binary isn’t new, but Musk, the richest man in the world, conceivably has the treasure chest to give it a shot.

Elon Musk’s plan to create a new political party puts him in the company of a long line of business and political titans looking to upend the two-party system that has dominated U.S. politics since a...

If the story of other tech-fueled parties is any indication, it could well survive a while — but struggle for any real traction with American voters.