Washington DC - Vice President JD Vance slammed tech billionaire and former Trump administration official Elon Musk for his attempts to create a third political party and said that it would be a "huge mistake."

Musk initially announced that he would form his own "America Party" in July, vowing to "give you back your freedom."

On Wednesday, though, the Wall Street Journal suggested that he was abandoning the plan.

"I do think that it would be a huge mistake for Elon to go forward with a third party," Vance told Fox News' Laura Ingraham on Wednesday.

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"And my argument to him is whether you like it or not, you are now perceived by the far-left as on the side of the American right," Vance said.

"You believe in law and order, you believe in closed borders, you believe in economic growth and prosperity, you believe in making things in the United States of America.

"The idea that Elon is ever going to go back to being sort of 'in the middle,' where Democrats and Republicans both like him, that's just never going to happen."

Vance went on to explain that because Musk is now perceived as being on the right, he should try to fix the Republican Party himself rather than start up a new party.

"Disagree with me all you want, disagree with the President of the United States, but don't pretend that you can make a big difference with a third party," Vance said.

Ingraham also asked Vance about rumors, started by the Wall Street Journal, that Musk was abandoning his plans for a new party so that he could stay close to the vice president and throw his support behind a potential 2028 run.

While Vance has not announced an intention to run for president in 2028, he is widely considered the most likely candidate not only to run but to gain President Donald Trump's endorsement and the Republican nomination.

Musk has on several occasions expressed a liking for Vance, just last week posting on X that he thinks the Vice President is a "good guy."

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Over the last few months, Trump has also voiced an interest in Vance running for the presidency in 2028, saying in August that he thinks that he will be the "most likely" candidate.

Vance was adamant in the interview that he was not yet thinking about securing donors for a run, and said that claims he's had such conversations with Musk were "completely fake."

"I've never talked with Elon Musk or frankly any other donor about 2028," Vance said.