Meta Platforms revealed on Friday in a statement given to various media outlets that it is planning to introduce a new social network.

Axar.az reports citing foreign media.

"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 CNBC.

According to a report provided by Platformer, the initiative, labeled P92, will be led by Instagram head Adam Mosseri. As per Moneycontrol sources, Meta is also considering the possibility of integrating with existing social platforms such as Twitter and Mastodon.