Elon Musk starting his own Twitter amid legal tussle with Twitter? X.com is his response

Elon Musk, currently embroiled in a high-stakes legal battle with social media giant Twitter, has given rise to speculation that he is planning to build a social media empire of his own. That Musk wants to dominate the world's social media space can be gauged from his sensational 44 billion dollars offer to buy Twitter earlier this year. However, even though the much-public deal is now off the table and Musk is facing a lawsuit over backtracking on his offer, the Tesla chief still nurses the ambition to foray into the social media space. According to reports, he may float X.com as a social media platform.

On Tuesday, a Twitter user asked him if he was considering floating his own social media venture. Elon Musk replied with just one word: X.com. He didn't elaborate further. X.com was Elon Musk's first venture. He founded it 20 years ago and later merged it with PayPal.

Musk last week told Tesla's annual shareholder meeting that he has a grander version for the X corporation.

"It's a pretty grand vision and of course, that could be started from scratch but I think Twitter would have accelerated that by three to five years," he added.

In April, Musk reached an agreement with Twitter to buy the company at a USD 54.20 per share rate which amounted to 44 billion dollars. However, Musk later backed out of the deal saying the company couldn't corroborate its claim that it had only 5 percent of bots or spam.