Winning Bizness Desk

Mumbai: Parag Agarwal, the former CEO of Twitter, who once earned a salary package exceeding ₹100 crore, is now exploring opportunities in the artificial intelligence (AI) sector. After being ousted by Elon Musk following the acquisition of Twitter, Agarwal has secured significant funding of ₹249 crore for his new AI startup. His venture focuses on developing software for developers working with large language models, similar to the technology behind OpenAI’s ChatGPT. Agarwal, an IIT Bombay graduate, rose to international prominence when he was appointed as CEO of Twitter in 2021, shortly before Elon Musk’s $44 billion acquisition of the company. With a base salary of ₹8 crore and restricted stock units worth ₹94 crore, Agarwal’s total compensation exceeded ₹100 crore. However, his tenure was short-lived, as Musk fired him within a year of the takeover. While there has been much speculation, no official reason was given for his dismissal.

Early Life and Career

Parag Agarwal was born in Ajmer, India, to a well-educated family. His father held a senior position in India’s Department of Atomic Energy, and his mother was a retired professor of Economics. Agarwal excelled academically, graduating from IIT Bombay in 2005 with an All India Rank (AIR) of 77. He interned at Microsoft Research and Yahoo before joining Twitter in 2011. After six years at the company, he became Chief Technology Officer, succeeding Adam Messinger.

Elon Musk’s Firing of Agarwal: A Grudge?

Agarwal’s departure from Twitter came with much controversy. Reports suggest that he was entitled to severance pay of around ₹400 crore, which he did not receive. As a result, Agarwal and other former Twitter executives filed a lawsuit against Elon Musk, seeking more than ₹1,000 crore in severance payments. According to a book by Bloomberg’s Kurt Wagner, tensions between Agarwal and Musk reportedly began before Musk’s acquisition of Twitter. The book claims that Agarwal had refused Musk’s request to block an account that tracked the location of Musk’s private jet. This incident allegedly occurred prior to Musk purchasing Twitter (now rebranded as X). After taking control of the platform, Musk fired Agarwal and promptly blocked the jet-tracking account.

New AI Venture

Now, Parag Agarwal is turning his focus to the future. His new AI venture, which has already attracted significant investment, aims to create software tools for developers working with advanced AI models. With this pivot, Agarwal is positioning himself as a key player in the rapidly growing AI industry, demonstrating resilience and adaptability after his high-profile exit from Twitter.