From independent presidential bids to third-parties, several prominent businessmen have tried to upend America's two-party system in recent decades.

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.

Elon Musk says he has formed a new political party called the America Party. But it remains unclear what formal steps, if any, he has taken to establish it.