Does Elon Musk own xAI?

Can you clarify for me, does Elon Musk, the renowned entrepreneur and innovator behind companies such as Tesla and SpaceX, currently possess ownership or a stake in the artificial intelligence company known as xAI? I'm interested in understanding if there's a connection between the two, given Musk's well-documented interest in AI and its potential implications for society. Additionally, if he does own xAI, could you elaborate on the extent of his involvement and any notable projects or initiatives the company may be working on under his guidance?