Almost a year after Twitter CEO Parag Agarwal was ousted from the company by Elon Musk, he is now working on an AI startup that will reportedly compete with popular AI tools like ChatGPT and Bard. According to the information, Agarwal has received huge funding from one of the early investors of OpenAI. He has received funding of $30 million for his startup.
After his surprise departure from Twitter at the hands of Elon Musk, Agarwal has been quietly planning his next move. He is now venturing into the world of artificial intelligence with a new startup and has managed to garner a significant amount of $30 million in seed funding. Operating under the radar since leaving Twitter, Agarwal’s new venture is targeting the development of specialized software for large language model (LLM) creators, according to sources familiar with the situation, reports The Information.
The funding for this new initiative appears to be led by Khosla Ventures, which is backed by lead investments from reputable venture capital firms like Index Ventures and First Round Capital. These substantial investments reflect a strong belief in Agarwal’s vision to advance AI innovation in the industry.
Parag Agarwal’s swift exit as Twitter CEO after Elon Musk’s acquisition was a multi-layered story, with no single definitive reason. Here are some of the major factors that are likely to contribute:
Elon Musk wanted an overhaul of Twitter, emphasizing free speech, monetization through subscriptions, and aggressively dealing with bots. However, Parag Aggarwal focused on incremental improvements, content moderation policies, and user growth. This cautious approach likely clashed with Musk’s bolder aspirations.
According to reports, Musk was looking for a “fire-breathing dragon” as CEO who could aggressively execute his vision. He reportedly felt that Agarwal lacked the necessary decisiveness and charisma. The leaks also suggested tension within Twitter’s leadership regarding moderation policies and Musk’s approach. This friction may have further weakened Agarwal’s position.
The public exchange revealed a somewhat frosty relationship between Musk and Agarwal, with Musk expressing criticism through tweets and leaked messages. With the acquisition finalized, Musk likely wanted complete control, which led to Agarwal being removed in order to install someone more in line with his vision.