- Mahmoud Reza Banki has resigned as Chief Financial Officer of X less than a year after taking the role.
- Banki oversaw debt refinancing and improved company cash flow during his time at X.
- Anthony Armstrong, a former Morgan Stanley banker, is reported to take over as CFO for xAI and X.
- Elon Musk‘s company xAI is seeking to raise around $20 billion for Artificial Intelligence (AI) development and infrastructure.
- Significant management changes are occurring as xAI advances its Grok AI platform to compete with leading technology firms.
Mahmoud Reza Banki has stepped down from his position as Chief Financial Officer at X, the social media company owned by Elon Musk. Banki, who took on the CFO role in 2023, announced his resignation in a LinkedIn post on Thursday, highlighting the completion of significant company milestones.
Banki stated that his responsibilities included refinancing X‘s $12.5 billion debt and driving improvements in revenue, cost controls, and company operations. According to his post, these changes resulted in major financial gains and improved cash flow, which contributed to doubling the company’s valuation before a merger between X and xAI earlier this year.
In his words, “With the substantial improvements at X and the merger well on its way, my job is done here,” Banki wrote, referencing the 2024 combination of xAI—Musk‘s artificial intelligence company—and X.
The departure comes as xAI has reportedly appointed Anthony Armstrong, formerly of Morgan Stanley and a longtime associate of Musk, as its new chief financial officer. The Financial Times reports Armstrong will supervise the finance departments for both xAI and X. This change in leadership aligns with Musk‘s ongoing effort to raise about $20 billion to expand xAI‘s AI research and infrastructure.
Recent upgrades to Grok, xAI‘s artificial intelligence platform, have positioned the company as a significant contender against AI industry leaders such as OpenAI and Google.
Musk acquired X (formerly known as Twitter) for $44 billion in 2022, largely financed by debt. Since then, the company has seen major restructuring, including large staff reductions and leadership changes, such as the recent exit of CEO Linda Yaccarino. Separately, X resolved an unpaid severance case involving executives dismissed following Musk’s acquisition.
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