What is BasedAI that Elon Musk Tweeted About?

Elon Musk recently tweeted about BasedAI. I wish to know if it's a new chatbot that competes with ChatGPT and Google BARD?

AFAIK, Elon Musk is an investor along with Microsoft in ChatGPT's Open AI. In his own words -

“Having a bit of AI existential angst today. But, all things considered with regard to AGI existential angst, I would prefer to be alive now to witness AGI than be alive in the past and not.”

Elon also shared a meme - BasedAI

Let me know more about it.