Building a viable new political party to rival the Democrats and Republicans is enormously difficult and expensive. Small wonder it hasn’t been done.

Elon Musk has said that he’s formed a new political party, but it’s unclear what steps — if any — he’s taken to do so, or how the effort might affect upcoming elections. Musk has not yet released any additional information. Spokespeople for Musk and his political action committee, America PAC, didn’t immediately comment Monday.

During a feud with President Trump, Tesla Chief Executive Elon Musk announced plans to start his own political party. Shares for his company fell more than 6% Monday.