Instagram owner Meta is exploring a standalone decentralized social network for sharing text updates, a company spokesperson said on Friday.

Axar.az reports the new social media app would be a direct competitor to billionaire Elon Musk’s Twitter.

‘We’re exploring a standalone decentralized social network for sharing text updates. We believe there’s an opportunity for a separate space where creators and public figures can share timely updates about their interests,’ a Meta spokesperson told Reuters in an emailed statement.

Earlier in the day, the Indian business news website Moneycontrol.com first reported the news, citing sources.