Elon Musk appoints former Morgan Stanley banker as CFO for xAI, X

Elon Musk has picked Anthony Armstrong, a banker who previously worked at Morgan Stanley, to serve as the finance head for his artificial intelligence company ￰0￱ move represents another major change in the leadership team across Musk’s various business ventures. Armstrong, who helped guide the purchase of Twitter, has become one of Musk’s trusted advisors over recent ￰1￱ even joined Musk during his stint working with the Department of Government Efficiency, or DOGE , in ￰2￱ new finance boss will oversee money matters for both xAI and the social media site X, people with knowledge of the situation told Financial ￰3￱ in March, Musk combined X and xAI into one entity worth $113 ￰4￱ leadership switch at xAI happens as Musk deals with a wave of high-level staff leaving his ￰5￱ July, Linda Yaccarino stepped down from the lead role at ￰6￱ the summer months, xAI also lost its legal chief Robert Keele and its previous money manager Mike ￰7￱ started working in the xAI role a few weeks ago and officially took the finance chief title just days ago, according to one person familiar with the ￰8￱ account on X now shows an xAI symbol next to his name, indicating he works for the ￰9￱ big on artificial intelligence Musk has increased his commitment to artificial intelligence, working quickly to create advanced technology that can go up against companies like OpenAI and Google’s ￰10￱ has spent heavily on the expensive equipment needed to support these ￰11￱ stakeholders say the company has been in talks about raising more money in a deal that would put its worth at roughly $200 billion.

However, these investors noted the deal has not been completed ￰12￱ faces the challenge of getting the social media business back on solid financial ￰13￱ advertisers left after Musk loosened the rules about what content gets removed and told marketers who did not like his methods to “go f*ck” ￰14￱ his time at Morgan Stanley, Armstrong ran the worldwide technology deals ￰15￱ was among those Musk brought in to help complete the $44 billion Twitter ￰16￱ Stanley also provided money for that ￰17￱ and Musk developed a close working relationship while that transaction was being worked out, people ￰18￱ government service back to business Armstrong recently worked for the Trump White House as a top advisor to the Office of Personnel Management, while Musk pushed his DOGE spending reduction ￰19￱ stopped working for the government during the summer after Trump and Musk had ￰20￱ takes over from Liberatore, who switched to OpenAI after just three months on the ￰21￱ left after having disputes with people close to Musk about how the company should be organized and aggressive financial goals, people aware of the situation reportedly ￰22￱ will also handle the responsibilities of Mahmoud Reza Banki, who is departing as X’s finance chief after holding the position for under a year, three people familiar with the matter ￰23￱ did not share any comments about his ￰24￱ xAI continuing to develop its Grok chatbot and expand its operations, Armstrong will need to balance the financial demands of building cutting-edge AI technology while working to stabilize X’s advertising ￰25￱ challenge ahead involves managing two distinct companies with very different revenue models under one combined ￰26￱ noted, the appointment comes as SpaceX has committed to investing $2 billion in xAI as part of a larger funding effort, showing the deep connections between Musk’s various business ￰27￱ up to Bybit and start trading with $30,050 in welcome gifts