Elon Musk's new company to give tough competition to ChatGPT; name of billionaire's new firm is...

Elon Musk, the richest man in the world, has revealed his new business, xAI. "The goal of xAI is to understand the true nature of the universe," the company's website says. "We are a separate company from X Corp, but will work closely with X (Twitter), Tesla, and other companies to make progress towards our mission," the company's website further says.

One a co-founder for the Sam Altman-led OpenAI the billionaire businessman, is now preparing to introduce xAI, a competing artificial intelligence company. On Wednesday night, the organization's website went live and stated that its purpose was "to understand the true nature of the universe."

Announcing formation of @xAI to understand reality

— Elon Musk (@elonmusk) July 12, 2023

“Our team is led by Elon Musk, CEO of Tesla and SpaceX. We have previously worked at DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto…We have worked on and led the development of some of the largest breakthroughs in the field including AlphaStar, AlphaCode, Inception, Minerva, GPT-3.5, and GPT-4," read an excerpt from the newly launched x.ai website.

xAI is set to hold a Twitter Spaces chat on July 14. 

The company is a different entity from X Corp, it said that xAI would “work closely with X (Twitter), Tesla, and other companies to make progress towards our mission".