According to a report by The Information, the ex-CEO of Twitter is in the process of establishing an AI startup and has successfully secured approximately $30 million in funding for this venture.
Parag Agrawal, who assumed the role of CEO at Twitter following Elon Musk’s removal of him, has intentionally maintained a relatively low profile since then.
As per The Information’s sources, Agrawal seems to be involved in a project focused on developing technology for LLM developers.
The funding round was spearheaded by Khosla Ventures, with significant contributions from venture capital entities like Index Venture and First Round Capital.
Agrawal’s tenure as Twitter’s CEO spanned from November 2021 until October 2022, when he was dismissed by Musk.
In a series of notable events, Musk’s acquisition of Twitter for $44 billion, now rebranded as X, was officially concluded on October 27. Musk initiated buying shares of Twitter in January 2022, eventually amassing a 9.2% ownership stake by April.
After a meeting with Tesla CEO and former Twitter leader Bret Taylor, Agrawal initially announced Musk’s inclusion in the board but later retracted the statement when Musk questioned the platform’s future viability.
In April, Twitter accepted Musk’s bid to acquire Online at $54.20 per share, but Musk sought to pause the deal in May pending further clarification on the platform’s bot activity.
In July 2022, Online filed a lawsuit against Musk to enforce the agreement, accusing him of failing to meet his obligations. Musk countered by alleging that Online had misled investors intentionally.
Musk’s legal team reinstated the initial sale offer to Twitter on October 4, leading to the finalization of the deal on October 27. Subsequently, Musk terminated Agrawal, along with former CFO Ned Segal and ex-chief legal officer Vijaya Gadde.
Agrawal did not provide an immediate response to a request for comment from Business Insider, which was issued after regular business hours.
