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Player Valuation: £20m
The "punishment" Musk gave was a 12 hour suspension.
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Replying to one Twitter user, who asked him to "fix Kanye", Mr Musk replied: "I tried my best.
"Despite that, he again violated our rule against incitement to violence. Account will be suspended."
Later, Mr West reportedly posted a screenshot showing that he was locked out of his account for 12 hours on Truth Social - the social media platform created by former US president Donald Trump.
It comes as the parent company of alternative messaging platform Parler announced that the rapper would no longer be buying the platform.
"Parlement Technologies would like to confirm that the company has mutually agreed with Ye to terminate the intent of sale of Parler," the network, seen as a home for online extremist rhetoric, said in a tweet.
It said the decision was made "in the interest of both parties in mid-November".
Parler had announced a deal for Mr West to buy the platform popular with conservatives in mid-October, just over a week after the rapper's Twitter and Instagram accounts were restricted over anti-Semitic posts he made.
But the rapper, who has spoken openly about his struggles with mental illness, has seen his business relationships crumble in recent weeks as his erratic behaviour and extreme speech continue to raise concerns.
Launched in 2018, Parler became a haven for Donald Trump supporters and far-right users who say they have been censored on mainstream social media platforms.
It has since signed up many more traditional Republican voices.
Parler was temporarily removed from Apple and Google app stores last year for failing to moderate calls for violence after the attack on the US Capitol by supporters of the former president.
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