Musk appoints former Morgan Stanley banker as xAI's new CFO
What's the story
Elon Musk has appointed former Morgan Stanley banker Anthony Armstrong as the Chief Financial Officer (CFO) of his artificial intelligence venture, xAI. The appointment comes amid a series of high-profile exits from Musk's companies in recent months, including X CEO Linda Yaccarino and xAI's former CFO Mike Liberatore. Armstrong had previously advised Musk on his $44 billion acquisition of X (formerly Twitter).
Role expansion
Armstrong's role expanded to include X
Armstrong will now oversee the finances of both X and xAI, a move that further consolidates Musk's grip on the $113 billion combined xAI-X group. He had been working with xAI for weeks before his formal appointment. His X profile now includes the xAI logo, indicating his official role in the company.
Financial strategy
Musk's AI push and X's financial recovery
Musk has been doubling down on his AI investments, trying to take on OpenAI and Google's DeepMind. He is also building infrastructure to support his company's ambitions. xAI is said to be eyeing a new funding round that could value the company at around $200 billion, though the round hasn't closed yet. Armstrong will now have the task of returning X to financial health after a major advertiser exodus due to relaxed content moderation rules by Musk.
Career trajectory
Armstrong takes over from Liberatore and Banki
Armstrong's background in tech mergers and acquisitions at Morgan Stanley, including Musk's Twitter deal, makes him an important player in the financial and operational challenges of Musk's companies. He takes over from Liberatore who left xAI for OpenAI after three months due to disagreements over company structure and financial goals. Armstrong will also take on duties previously held by X CFO Mahmoud Reza Banki who is leaving after less than a year.