Elon Musk Appoints Former Morgan Stanley Banker Anthony Armstrong as xAI's New CFO

xAI hires former Morgan Stanley banker Anthony Armstrong as CFO | TechCrunch

Elon Musk's AI company, xAI, now has a new chief financial officer: Former Morgan Stanley banker Anthony Armstrong, the Financial Times reported, citing anonymous sources. Armstrong, who previously advised Musk during the Twitter deal, will oversee the finances of both xAI and X, which were merged in April, the report said. The former banker has been working with xAI for several weeks and was only recently appointed as CFO, the FT added. xAI has been without a CFO since its previous finance head, Mike Liberatore, left the company in July, and Armstrong's appointment follows a slate of high-profile executive departures at both xAI and X. xAI's general counsel, Robert Keele, left the company in August after a little more than a year on the job. Raghu Rao, a senior lawyer, also departed around the same time, and Igor Babuschkin, one of xAI's co-founders, in August said he was leaving the company to launch his own VC firm dedicated to AI safety research. Linda Yaccarino, former CEO of X, also resigned in July. Armstrong will take over from X's current CFO, Mahmoud Reza Banki, who is leaving the company, the FT reported. xAI did not immediately return a request for comment.

Musk names veteran banker Anthony Armstrong as xAI finance chief, FT says

Oct 6 (Reuters) - Elon Musk has named Anthony Armstrong, a former Morgan Stanley banker who advised him on the acquisition of X, as the new chief financial officer of his artificial intelligence group xAI, the Financial Times reported on Monday. Armstrong will lead the finance operations for both xAI and social media platform X, the report said, citing several people familiar with the matter. Veteran dealmaker Armstrong has been working with xAI for several weeks and was formally appointed the CFO in recent days, the newspaper said. xAI and X did not immediately respond to a Reuters request for comment. Armstrong could not be immediately reached. Musk launched xAI in 2023 to challenge Big Tech's AI push, accusing industry leaders of excessive censorship and lax safety standards. Armstrong will also be responsible for steering the social media business back to financial stability following an exodus of advertisers after Musk relaxed its content moderation standards. As Morgan Stanley's global head of tech M&A, Armstrong was part of the team Musk enlisted to manage the $44 billion purchase of Twitter in 2022. As the Morgan Stanley-financed deal took shape, Armstrong and Musk developed a close relationship, according to the report. Earlier this year, Armstrong helped Musk oversee the Office of Personnel Management during his stint in Washington at the Department of Government Efficiency. Armstrong will replace Mike Liberatore as finance chief of xAI. Liberatore left the artificial intelligence startup this year following clashes with members of Musk's inner circle over corporate structure and aggressive financial targets, the FT report said. Armstrong's X account now features the xAI logo next to his name, indicating his new role as an employee. His appointment as CFO comes amid a broader wave of executive departures. In July, X CEO Linda Yaccarino resigned, and over the summer, xAI's Liberatore and general counsel Robert Keele also left the company. Additionally, X's finance chief Mahmoud Reza Banki exited after less than a year in the role, the FT report said. xAI is reportedly in discussions for a new funding round that could value the company at approximately $200 billion, though investors say the deal has not yet been finalized, the report added. Reporting by Shivani Tanna in Bengaluru; Editing by Mrigank Dhaniwala and Sherry Jacob-Phillips Our Standards: The Thomson Reuters Trust Principles., opens new tab

Elon Musk names former Morgan Stanley banker as new xAI CFO

Elon Musk has appointed former Morgan Stanley banker Anthony Armstrong as the new chief financial officer of his artificial intelligence group xAI, marking the latest shake-up to his executive ranks. The financier, who advised on the Twitter takeover, has emerged as a key lieutenant to Musk in recent years, including during the billionaire's time in Washington at the so-called Department of Government Efficiency (Doge). He will head up the finance function for both xAI and social media platform X, according to several people familiar with the matter. Musk merged X and xAI in March, valuing the combined group at $113bn. The change of CFO at xAI comes as Musk contends with a spate of senior departures across his businesses. Linda Yaccarino, chief executive of X, resigned in July. xAI's general counsel Robert Keele and its previous CFO Mike Liberatore also left over the summer. Armstrong has been working with xAI for several weeks and was formally appointed chief financial officer of the company in recent days, one of the people said. His X account now carries an xAI logo by his name signifying that he is an employee of the company. Armstrong and xAI did not respond to requests for comment. Musk has doubled down on his bet on AI, racing to build sophisticated models to compete with the likes of OpenAI and Google's DeepMind, while pouring investment into costly infrastructure to support those ambitions. xAI has recently been discussing a new funding round that would value the company at around $200bn, according to investors in the group, who added that the round had not yet closed. Armstrong will also be tasked with returning the social media business to financial health following an exodus of advertisers, after Musk relaxed its content moderation standards and told marketers who disagreed with his approach to "go fuck" themselves. As head of global technology mergers and acquisitions at Morgan Stanley, Armstrong was part of the team hired by Musk to facilitate the $44bn acquisition of X, then Twitter. Armstrong and Musk grew close as the deal, for which Morgan Stanley provided financing, was hashed out, the people said. More recently, Armstrong worked for the Trump administration as a senior adviser to the Office to Personnel Management as Musk enacted his Doge cost-cutting efforts before falling out with President Donald Trump. Armstrong left the administration over the summer. Armstrong will replace Liberatore as CFO, who defected to OpenAI after three months in the role. Liberatore left after clashing with some of Musk's inner circle over corporate structure and tough financial targets, people with knowledge of the matter said. Armstrong will also take up the duties of X's chief financial officer Mahmoud Reza Banki, who is leaving after less than a year into the role, according to three people familiar with the matter. Banki did not respond to a request for comment.

Musk names ex-Morgan Stanley banker Anthony Armstrong as new xAI finance chief, FT says

Elon Musk has appointed former Morgan Stanley banker Anthony Armstrong as the new chief financial officer of his artificial intelligence group xAI, the Financial Times reported Monday. Armstrong will lead the finance operations for both xAI and social media platform X, the report said, citing several people familiar with the matter. xAI and X did not immediately respond to a Reuters request for comment. Armstrong will replace Mike Liberatore as CFO. Liberatore left the artificial intelligence startup this year following clashes with members of Musk's inner circle over corporate structure and aggressive financial targets, the report said. Armstrong has emerged as a close lieutenant in recent years, including during Musk's stint in Washington at the Department of Government Efficiency, the report added. Musk launched xAI in 2023 to challenge Big Tech's AI push, accusing industry leaders of excessive censorship and lax safety standards.

Musk names former Morgan Stanley banker Anthony Armstrong as new xAI finance chief: Report - The Economic Times

Elon Musk has appointed former Morgan Stanley banker Anthony Armstrong as the new chief financial officer of his artificial intelligence group xAI, the Financial Times reported on Monday. Armstrong will lead the finance operations for both xAI and social media platform X, the report said, citing several people familiar with the matter. xAI and X did not immediately respond to a Reuters request for comment. Armstrong will replace Mike Liberatore as CFO. Liberatore left the artificial intelligence startup this year following clashes with members of Musk's inner circle over corporate structure and aggressive financial targets, the report said. Armstrong has emerged as a close lieutenant in recent years, including during Musk's stint in Washington at the Department of Government Efficiency, the report added. Musk launched xAI in 2023 to challenge Big Tech's AI push, accusing industry leaders of excessive censorship and lax safety standards.

Elon Musk Names Former Morgan Stanley Banker Anthony Armstrong As xAI CFO Amid $200 Billion Valuation Push: Report - Morgan Stanley (NYSE:MS)

Elon Musk has reportedly appointed former Morgan Stanley (NYSE:MS) banker Anthony Armstrong as the new chief financial officer of his artificial intelligence firm xAI. Armstrong To Oversee Finances For xAI And X Armstrong will oversee financial operations for both xAI and social media platform X, which Musk merged earlier this year in a deal valuing the combined entity at roughly $113 billion, reported the Financial Times, citing unnamed sources. Armstrong, who advised Musk on the $44 billion acquisition of Twitter in 2022, has emerged as one of the billionaire's most trusted financial confidants. His X profile now features the xAI logo, indicating his formal appointment. See Also: Tesla Robotaxi Downloads Outpace Uber By 40% On Apple's App Store Amid Ease Of Self-Driving Regulations Leadership Changes Amid Aggressive AI Expansion The move follows a string of high-level departures across Musk's companies, including Linda Yaccarino, the former CEO of X and xAI's previous CFO Mike Liberatore, who left after clashing with Musk's inner circle and later joined OpenAI. Armstrong replaces Liberatore and will also assume responsibilities from X's departing CFO, Mahmoud Reza Banki. The appointment also comes as xAI prepares for a new funding round that could value the company at nearly $200 billion. From Wall Street To Washington To xAI Before joining xAI, Armstrong headed global technology M&A at Morgan Stanley, where he worked on major deals including Musk's Twitter purchase. He later served briefly in the Donald Trump administration as a senior adviser to the Office of Personnel Management under Musk's Department of Government Efficiency. Musk is also doubling down on his AI ventures following reports that xAI recently laid off about 500 data annotation workers as it pivots toward specialist roles to accelerate the development of its Grok chatbot. Read Next: Elon Musk's xAI Hires Trump Aide Stephen Miller's Wife Katie Amid Controversial Memphis Data Center Permit Win Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo Courtesy: JRdes on Shuttertsock.com MSMorgan Stanley$158.09-%OverviewMarket News and Data brought to you by Benzinga APIs

Musk Picks Morgan Stanley Vet As xAI CFO | PYMNTS.com

By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions. That's according to a report late Monday (Oct. 6) by the Financial Times (FT), which notes that this is the latest executive shake-up at the artificial intelligence (AI) company. According to the report, Armstrong advised Musk on his takeover of Twitter, since rebranded as X, and has become one of the billionaire's key allies, including during his tenure with the Trump administration. Armstrong will oversee finances for xAI and X, several sources familiar with the matter told the FT. The two companies merged in March, and are valued at $113 billion. "xAI and X's futures are intertwined," Musk said at the time. "Today, we officially take the step to combine the data, models, compute, distribution and talent. This combination will unlock immense potential by blending xAI's advanced AI capability and expertise with X's massive reach." One of the FT's sources said Armstrong has been working with xAI for several weeks and was formally named chief financial officer of the company in recent days. The FT report points out that his X account now features an xAI logo by his name, a sign that he is an employee. Armstrong will also take over the duties of X's chief financial officer Mahmoud Reza Banki, who is stepping down after less than a year in the role, sources told the FT. Also this summer, xAI co-founder Igor Babuschkin announced he was leaving the company to start a venture capital operation, while xAI General Counsel Robert Keele said in August that he was stepping down to spend more time with his children. xAI Senior Lawyer Raghu Rao resigned around the same time. In other xAI news, the company recently began giving U.S. government agencies access to its Grok AI model, charging 42 cents per agency for 18 months.

Musk names veteran banker Anthony Armstrong as xAI finance chief, FT says

(Reuters) -Elon Musk has named Anthony Armstrong, a former Morgan Stanley banker who advised him on the acquisition of X, as the new chief financial officer of his artificial intelligence group xAI, the Financial Times reported on Monday. Armstrong will lead the finance operations for both xAI and social media platform X, the report said, citing several people familiar with the matter. Veteran dealmaker Armstrong has been working with xAI for several weeks and was formally appointed the CFO in recent days, the newspaper said. xAI and X did not immediately respond to a Reuters request for comment. Armstrong could not be immediately reached. Musk launched xAI in 2023 to challenge Big Tech's AI push, accusing industry leaders of excessive censorship and lax safety standards. Armstrong will also be responsible for steering the social media business back to financial stability following an exodus of advertisers after Musk relaxed its content moderation standards. As Morgan Stanley's global head of tech M&A, Armstrong was part of the team Musk enlisted to manage the $44 billion purchase of Twitter in 2022. As the Morgan Stanley-financed deal took shape, Armstrong and Musk developed a close relationship, according to the report. Earlier this year, Armstrong helped Musk oversee the Office of Personnel Management during his stint in Washington at the Department of Government Efficiency. Armstrong will replace Mike Liberatore as finance chief of xAI. Liberatore left the artificial intelligence startup this year following clashes with members of Musk's inner circle over corporate structure and aggressive financial targets, the FT report said. Armstrong's X account now features the xAI logo next to his name, indicating his new role as an employee. His appointment as CFO comes amid a broader wave of executive departures. In July, X CEO Linda Yaccarino resigned, and over the summer, xAI's Liberatore and general counsel Robert Keele also left the company. Additionally, X's finance chief Mahmoud Reza Banki exited after less than a year in the role, the FT report said. xAI is reportedly in discussions for a new funding round that could value the company at approximately $200 billion, though investors say the deal has not yet been finalized, the report added. (Reporting by Shivani Tanna in Bengaluru; Editing by Mrigank Dhaniwala and Sherry Jacob-Phillips)