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Twitter’s former CEO raises $30 million for his AI startup with OpenAI’s early backers

Jan 09, 2024 - aibeat.co
Parag Agrawal, former CEO of Twitter, has reportedly secured around $30 million in funding for his new artificial intelligence startup. The funding was led by Khosla Ventures, with the startup's primary focus being the development of software for large language models. The details of the startup and its product remain undisclosed, but the involvement of venture firms such as Index Ventures and First Round Capital has sparked interest.

Elon Musk, who succeeded Agrawal as Twitter's CEO in late 2022, had initiated the acquisition of Twitter stock in January 2022, eventually becoming the platform's largest shareholder. Following Musk's takeover, Twitter was rebranded as X. However, the platform's valuation has reportedly dropped from $44 billion to $12 billion under Musk's leadership.

Key takeaways:

  • Former Twitter CEO, Parag Agrawal, has secured approximately $30 million in funding for his artificial intelligence startup, with Khosla Ventures leading the funding initiative.
  • The startup's primary focus is on developing software for developers working on large language models, similar to OpenAI’s ChatGPT.
  • Elon Musk, who succeeded Agrawal as CEO of Twitter (now known as X), initiated the acquisition of Twitter stock in January 2022 and became the largest shareholder by April.
  • Since Musk's takeover, the valuation of the platform has reportedly dropped from $44 billion to $12 billion.
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