LONDON: Elon Musk's Twitter could soon face new competition from Facebook-owned Meta. Meta Platforms Inc is considering launching a new Twitter-like social network.

"We're exploring a standalone, decentralized social network for sharing text updates," a Meta spokesperson said in a statement to Variety. "We believe there's an opportunity for a separate space where creators and public figures can share timely updates about their interests."

The rep said the company had no additional info on the prospective social network to share. News site Moneycontrol first reported on the potential Meta service, which is code-named "P92." The new Meta app would be based on -- and interoperable with -- the framework that powers Mastodon, a Twitter-like service that launched in 2016 and has seen a surge in popularity since Musk's takeover of Twitter last October.

Meanwhile, Meta recently took another page from Musk's Twitter playbook. Last month, the tech giant began rolling out Meta Verified, a subscription service for Facebook and Instagram users that includes a verified blue check-mark badge -- just like Twitter Blue -- as well as other perks. Meta Verified is priced at USD 11.99/month on the web or USD 14.99/month on Apple's iOS. The company initially launched the service in Australia and New Zealand with more countries "soon," Mark Zuckerberg, Meta's chairman and CEO, said in announcing the plans.

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