It will be interesting what districts Musk targets with his new party. There is talk that he will mostly go for Democrat controlled districts in order to make sure not to weaken the conservative position when taking political market share. It remains to be seen how this will effect the battle between republicans and democrats.
I mean, democrats and their branch of social media controlled channels and also their "news" channels have already done much of the work when comes to demonizing Elon Musk in the eyes of their voters, so it will be very difficult for Elon Musk to convince them.
On the other hand, one does not need to be a genius to realize the party of Elon Musk will initially attract many republican voters who are not happy with the broken promised of Trump concerning the management of public debt of the USA and other policies which are against the ideas Elon had to improve the economy of the country as a whole.
Still, I doubt Elon's party will have some success in the long term. Political duopoly being kept by both the Democrat and Republican party is strong and it would take much to convince people to give their trust to Musk as a reliable politician.