Do We Need 'The America Party'?

Rumors continue to swirl around Elon Musk's threat/promise to found a new political party in the United States after the passage of the enormously destructive "Big Beautiful Bill." Do we need a viable third party? What should it look like?
Get tickets to the Ron Paul Institute's August 16th DC Conference!
More info here: https://www.eventbrite.com/e/blueprint-for-peace-tickets-1397170888739