Parag Agrawal, who held the position of CEO at Twitter before being succeeded by Elon Musk towards the end of 2022, has made waves in the tech world with a discreet but significant achievement.
It has recently come to light that he successfully secured approximately $30 million in funding for his nascent artificial intelligence startup, a development known to a select few individuals privy to the deal, as reported by The Information.
Khosla Ventures, a notable early supporter of OpenAI, assumed a pivotal role in leading the funding initiative for Agrawal’s undisclosed startup. The venture’s primary focus revolves around crafting software tailored for developers working on large language models (LLMs), a domain prominently exemplified by OpenAI’s ChatGPT.
This software is poised to cater not only to the creators but also to the customers of these expansive language models, marking a significant step in the evolution of AI-driven linguistic technologies.
While the finer details regarding the startup’s product and its official nomenclature remain veiled in secrecy, the involvement of distinguished venture firms, Index Ventures, and First Round Capital, adds to the intrigue surrounding this venture.
Agarwal acted as the CEO at Twitter (now known as X) from November 2021 to October 2022, when he was fired by Musk, who is now the owner of the platform.
Elon Musk’s monumental $44 billion acquisition of Twitter, a momentous occasion that led to the platform’s rebranding as X, reached its conclusion on October 27 amid a tumultuous series of events that captured global attention.
Musk’s journey began in January 2022 when he initiated the acquisition of Twitter stock, gradually amassing a substantial stake in the social media giant. By April, he had secured the position of Twitter’s largest shareholder, boasting an impressive 9.2% ownership.
During this period, Parag Agrawal, the then-CEO of Twitter, announced via a tweet that Elon Musk would be joining the company’s board. This declaration followed a meeting between Agrawal, Musk, and the former Twitter chair, Bret Taylor. However, soon after the meeting, Agrawal backtracked on his previous statement and publicly announced that Musk would no longer join Twitter’s board.
X’s valuation has now reportedly dropped from $44 billion to an alarming $12 billion after a year of being under Elon Musk.