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."

Musk described his new party on his platform X as tech-centric, budget-conscious, pro-energy and centrist, with the goal of drawing both disaffected Democrats and Republicans. Musk has criticized the tax-cut bill, which is forecast to add about $3.4 trillion to the United States' debt.

The onetime Trump adviser is toying with the idea of establishing his own political party as the billionaire sours on the current administration — but some GOP lawmakers aren’t convinced Musk can compete.