A new third party created by a billionaire, born out of frustration with the ballooning federal deficit and the two-party system. We’re talking about Ross Perot’s Reform Party, of course.

The parallels to Elon Musk and his America Party are obvious, but Musk may be lucky to get as far as Perot did. The Texas businessman won roughly 19 percent of the popular vote when he ran for president in 1992 — the most successful bid by any independent candidate in modern history — and took in nearly 8.5 percent in 1996. His Reform Party became, at least briefly, a real political force to be reckoned with, even catapulting a former professional wrestler into a governor’s office. But it was ultimately no match for the U.S.’s two-party system, and its influence fizzled out by the 21st century.

Could Musk succeed where Perot didn’t? We asked Russell Verney, a top adviser to Perot’s presidential campaigns and a former chair of the Reform Party — and Verney isn’t optimistic.

“It’s not something you do by posting on Twitter that you have a political party. It takes a lot more work than that,” Verney said.

Still, Verney said Musk’s efforts might still have an impact. Despite Perot’s defeat, his clamoring for deficit reduction reshaped the political debate and fueled President Bill Clinton’s push for a balanced budget. Musk could have similar sway, if he puts in the work.

“My basic advice is: Go to rehab and then focus on creating a new political party from a position of seriousness, not of anger, not of retribution, not of retaliation,” Verney said.