Mark Zuckerberg's Meta has announced that it is creating a new social media app that lets users share character-limited posts to take on Elon Musk's Twitter.

A Meta spokesperson confirmed the 'standalone decentralized social network' to Reuters, stating that 'there is an opportunity for a separate space' for people to share updates about their interests.

The app's name is unknown, but it will be based on a similar framework that powers Mastodon, a Twitter-like service launched in 2016.

A Twitter-like app would allow Meta to take advantage of the current chaos at the Musk-led company, where cost-cutting and layoffs have been rampant.

MoneyControl reported Thursday about Meta's Twitter competitor, stating it is codenamed 'P92.'

The app would be Instagram-branded, allowing users to register with the same credentials, people familiar with the matter told MoneyControl.