IIT graduates are leading many biggest tech companies in the world One such IIT graduate Parag Agarwal was hired at a Rs 100 crore salary package but was fired by Elon Musk. Social Media X was acquired by Elon Musk in a massive deal. After becoming the owner of X formerly known as Twitter, Musk made many changes in the company, he began by firing Parag Agarwal, who was the CEO of the company.
Parag Agarwal hasn’t made much public appearance since he was fired from a Rs 100 crore job but as per a latest report by Bloomberg, the man and other fired executives are now seeking over Rs 1000 crore as severance pay.
After being hired, Parag an IIT Bombay graduate, his salary was around Rs 8 crore apart from the restricted stock units valued at around Rs 94 crore. Overall, the IITians’ salary package was more than Rs 100 crore.
Parag Agarwal along with other fired executives of Twitter have sued the platform’s owner Elon Musk for allegedly stiffing them for more than Rs 1000 crore in severance payments. “Under Musk’s control, Twitter has become a scofflaw, stiffing employees, landlords, vendors, and others. Musk doesn’t pay his bills, believes the rules don’t apply to him, and uses his wealth and power to run roughshod over anyone who disagrees with him,” lawyers said in the 38-page complaint filed on behalf of Parag Agarwal and other executives.
According to reports, Parag Agarwal was entitled to severance money totaling almost Rs 400 crore.
Parag Agrawal hails from Ajmer. His mother is a retired professor of economics, while his father was a senior official in the Indian Department of Atomic Energy. Agrawal completed his graduation from IIT Bombay in 2005 after securing 77 all-India rank (AIR). Later he went to the United States to pursue a PhD in computer science at Stanford University.
Before joining Twitter in 2011, Agrawal interned at Yahoo and Microsoft Research. He had been employed at Twitter for almost six years until Adam Messinger left to become the company's chief technology officer.
According to reports, Parag Agarwal is now making his foray into the AI space and has already garnered significant finance of Rs 249 crore. According to reports, an IIT graduate's business is creating tools for those who create huge language models, a market made popular by OpenAI's ChatGPT chatbot. According to the paper, Agrawal's startup received investment primarily from Vinod Khosla-led Khosla Ventures, an early supporter of OpenAI. In addition, it is said that First Round Capital and Index Ventures were involved in the transaction.
