Elon Musk appoints former Morgan Stanley executive as CFO of xAI

Tesla CEO Elon Musk has reported appointed Anthony Armstrong a former global head of tech M&A at Morgan Stanley as the new chief financial officer ( CFO ) of his artificial intelligence company — xAI . According to a report by the Financial Times, Armstrong will oversee the financial operations at xAI and social media platform X (formerly known as Twitter). The appointment of Armstrong comes at a time when executives are resigning from Elon Musk’s companies including exit of xAI’s previous CFO Mike Liberatore. Mile reportedly left the company after some internal clashes over the corporate structure and aggressive financial targets.

A trusted Ally in Musk’s inner circle
As reported by FT, Armstrong emerged as one of close confidants of Elon Musk. He is the one who advised him during high-stake deals and also served with him during his stint in Washington at the Department of Government Efficiency (DOGE). Armstrong has experience in tech finance and mergers positions him as an important asset as Musk is working on ramping up xAI’s ambitions.

xAI eyes $200 billion valuation
The appointment of Armstrong comes at a time when xAI is reportedly in talks of securing a new funding round which could value the company at $200 billion. If the xAI will manage to secure the funding then it will become the most-valuable AI startup globally. For those unaware, xAI in 2023 to challenge Big Tech’s approach to artificial intelligence, criticizing rivals for excessive censorship and lax safety standards.

Armstrong new role at xAI also include the challenge of stabilizing X’s finances following an advertiser exodus triggered by Musk’s relaxed content moderation policies.