Elon Musk appoints ex-Morgan Stanley banker Anthony Armstrong as CFO of $113 bn xAI group

Elon Musk has appointed former Morgan Stanley banker Anthony Armstrong as the new CFO of his AI venture, xAI. Armstrong, who advised on the Twitter acquisition, will now oversee finance for both xAI and the social media platform X. This move consolidates Musk’s control amid senior departures and xAI’s pursuit of a $200bn valuation.

Elon Musk
AgenciesElon Musk

Elon Musk has named former Morgan Stanley banker Anthony Armstrong as chief financial officer of his artificial intelligence venture xAI, consolidating his control over the $113bn combined xAI-X group, the Financial Times reported on Tuesday.

Armstrong, who advised Musk on the $44bn acquisition of X, formerly Twitter, has become one of the billionaire’s closest aides, and will now oversee finance for both the social media platform and the AI business.

The appointment comes amid a wave of senior departures from Musk’s companies over the past months, including X CEO Linda Yaccarino and xAI’s former CFO Mike Liberatore.

Several people familiar with the matter told Financial Times that Armstrong has already been working with xAI for weeks before being formally installed in the role. His X profile now features the xAI logo, signaling his official position within the company. Neither Armstrong nor xAI responded to requests for comment.

Musk has intensified his investment in AI, racing to compete with OpenAI and Google’s DeepMind, while also expanding infrastructure to support the company’s ambitions. xAI has been exploring a new funding round that investors say could value the company at around $200bn, though the round has not yet closed.

Armstrong inherits the challenge of steering X back to financial stability following a notable advertiser exodus after Musk eased content moderation standards. The former banker’s experience in technology mergers and acquisitions at Morgan Stanley, including facilitating Musk’s Twitter acquisition, positions him as a key figure in navigating the complex financial and operational landscape of Musk’s ventures.

He replaces Liberatore, who left xAI for OpenAI after three months amid clashes over corporate structure and financial targets. Armstrong will also assume responsibilities previously held by X CFO Mahmoud Reza Banki, who is departing after less than a year.