Pointing to Elon Musk's success with Tesla and SpaceX, Microsoft founder Bill Gates told NBC's "Today" show no one should "underestimate" what Musk is capable of achieving when he starts running social media platform Twitter.

"You wouldn't want to underestimate Elon," Gates said. "What he did at Tesla is amazing, helping with climate change ... what he did at SpaceX.... Will he, this time, make that improvement? Elon thinks he can improve Twitter."

Gates added he is all for "getting the truth out [in the] digital realm."

Musk recently declined an offer from Gates to collaborate on climate change, pointing out that Gates has shorted Tesla (TSLA), Musk's electric vehicle company, by $500 million. Gates has not publicly commented on his TSLA holding.

With a smile, Gates told "Today" host Savannah Guthrie, "Well, I don't know specifically what he'll do [with Twitter], but there's an opportunity, and we need innovation in that space."

Musk, in New York Monday night for the Metropolitan Museum of Art's Met Gala, told reporters he wants to make Twitter "as broadly inclusive as possible" so that it appeals to most Americans.

He reiterated that he wants to remove spam and bots from the platform, especially where they concern financial scams.

"We don't want people getting tricked out of their money," Musk said.