Billionaire entrepreneur, Elon Musk, on Wednesday, announced the formation of his new company focused on Artificial Intelligence with the goal of building a rival to ChatGPT.

The new company, xAI, unveiled its website and a team of engineers that make up its staff. The new startup would be led by Mr Musk, who is already the CEO of electric car maker Tesla, CEO of rocket launch company SpaceX and the owner of Twitter.

According to the website, the new company will work closely with Twitter, Tesla, and other companies in a bid to make progress toward its mission.

The website also stated that the primary goal of the new company, xAI is to understand the true nature of the universe.

Mr Musk, on a Twitter space on Wednesday evening, spoke on his AI ambitions and his plans to build a safer AI that is also maximally curious.

“If it tried to understand the true nature of the universe, that’s actually the best thing that I can come up with from an AI safety standpoint,” Mr Musk said.

“I think it is going to be pro-humanity from the standpoint that humanity is just much more interesting than not-humanity,” he added.

In an interview with Fox News host, Tucker Carlson, in April, Mr Musk first announced his plans to start an AI company.

“We’re going to start something which I call TruthGPT,” he said, describing it as a “maximum truth-seeking AI” that “cares about understanding the universe.”

Mr Musk has previously warned that the AI sector, if not properly regulated, could lead to civilisation destruction. He has joined other tech leaders to call for a pause in a seemingly out-of-control AI ecosystem.

According to a state filing, Mr Musk registered xAI in March and the new company is incorporated in Nevada. He announced the new company yesterday, launching its website and putting together a team of engineers as its staff.

The team at xAI consists of engineers who are not new to big tech.

The team includes Igor Babuschkin, a former engineer at Google’s DeepMind; Tony Wu, who worked at Google, Christian Szegedy, who was also a research scientist at Google; and Greg Yang, who was previously at Microsoft.

Mr Musk was a co-founder at Open AI, the firm behind the famous Chat GPT. He stepped down from the board of the company in 2018.

Mr Musk and his new company are now set to build an AI entity that will rival the success of ChatGPT while addressing the many issues facing the AI industry, which he has highlighted in the past.