Let's start with the fact that there are 'third' parties in the U.S., and attempts to make one of them 'second' have occurred in U.S. history more than once.
In what environment is Musk currently popular? Besides his personal 'fans', he is popular among Republican audiences. Musk supported Trump and even claimed that he made Donald president, which is only partially true. But — it's true.
The creation of a new political force will not create a 'third' party, but will allow for taking votes from the two existing ones. Due to the peculiarities of the American electoral system, the winner takes all the votes.
Who is the party of Musk threatening to take votes from and who will this help? It will take from the Republicans and thus may help the Democrats.
It is worth noting that in the last political season Musk was for the Democrats and received a huge amount of subsidies from the government for his 'green cars', which he has talked a lot about during his quarrel with Trump.
In other words, what we have here is not the creation of a 'party for the people', as naive people might think, but a statement of a threat to the leadership of the Republican Party. Nothing more. The goal of all this fuss is to put pressure on the Republican elite and through them to pressure and influence Trump.
Behind Musk are globalists who need levers of pressure and control over the two parties, and that is why they have started talking about the creation of a third.
At most, what may happen is the election to the U.S. Parliament of one or two people, which will be presented by Musk as 'our huge success'. After which, throughout the election cycle, everyone will forget about this third party and it will fade into the depths of the U.S. political system.