Speaking to the Elon's Spies podcast, Yousaf described the comment as an attempt to “threaten and intimidate” him.
“I’m certain he has a whole team of people who are now looking at any information they can gather on me and try to use it to besmirch my reputation," he said. "And they’ll use any nefarious tactics in order to do that."
The former first minister said he interpreted Musk's post as a "pointed accusation", noting that people commented underneath urging the X owner to "release" private messages.
Yousaf told the podcast: “I’m thinking, I’ve been on Twitter for a long time, have I made an off-colour joke? Have I said something in a private communication?
"So, I thought I better do the belt and braces thing, and as I say there was nothing there, and unsurprisingly so.
“But here is somebody who is basically saying to me by the way ‘you better watch out; I’m going to release stuff on you and it’s going to make your life hell’.”
Yousaf repeated claims that the Trump-supporting tech entrepreneur was a racist, with "far-right, white supremacist tendencies”.
He added: “Elon Musk could have trillions let alone billions and he wouldn’t have enough to shut me up.”