Musk's tweets were light on details, but suggested that the site would "restore the credibility of the media" by allowing the public to vote on how objective or accurate they feel publications and journalists are.
The website would be called "Pravda", the Russian word for "truth" and also the name of the official newspaper of the Soviet Union's Communist Party.
Musk's frustrations boiled over following recent negative media reports about Tesla, including Consumer Reports' decision this week to not recommend Tesla's Model 3 sedan after criticizing it for its long stopping distances and difficult-to-use controls.
In the wake of the series of "fake news", Musk found it "extremely" important to stand against the media, who roll it out, according to the South African-born American business magnate. "It is how they define themselves", Musk said.
'Problem is journos are under constant pressure to get max clicks & earn advertising dollars or get fired, ' Musk added.More news: Ahead of summit, Pyongyang lobs barbs at Bolton
Musk's day of truth on Twitter started innocently enough with some retweets of SpaceX's latest rocket launch. "Tricky situation, as Tesla doesn't advertise, but fossil fuel companies & gas/diesel vehicle companies are among world's biggest advertisers".
It was this tweet, more than anything else that Musk tweeted, that appeared to have immediate real-world effect, as the threat to remove worker benefits following unionization could be interpreted as a violation of labor law, according to a former National Labor Relations Board chief cited by Bloomberg.
The UAW, which is actively trying to organize Tesla's Fremont, California, assembly plant, notes in its complaint that Musk has 21.8 million Twitter followers, that the tweet was widely shared and covered in the media and that it remains online. Earlier this month Musk stated that he was starting a candy company and later indicated that he was "super, super super" serious about the venture.
Some five hours later, Musk tweeted: "For some reason, this is the best I've felt in a while. You lost your credibility a long time ago".
Mr Musk began his tirade by sharing an analyst's view that negative press reports about production delays and crashes of Tesla vehicles were "increasingly immaterial to the share price".