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

Elon Musk has named Anthony Armstrong, a veteran dealmaker and former Morgan Stanley executive, as the new chief financial officer of his artificial intelligence company, xAI. According to a Financial Times report, Armstrong will oversee financial operations for both xAI and Musk’s social media platform, X (formerly Twitter).

Armstrong, who played a key role in Musk’s $44 billion acquisition of Twitter in 2022 while serving as Morgan Stanley’s global head of tech M&A, has been collaborating with xAI for several weeks before being officially appointed as CFO. His close working relationship with Musk during the Twitter deal reportedly helped establish trust between the two executives.

In his new dual role, Armstrong will lead efforts to stabilize X’s finances following significant revenue losses and advertiser departures triggered by Musk’s relaxed content moderation policies. At the same time, he will manage xAI’s financial strategy as the company seeks to expand its position in the competitive AI sector. The FT noted that xAI is currently in talks for a funding round that could value the company at around $200 billion, although the deal has not yet been finalized.

Armstrong replaces Mike Liberatore, who departed earlier this year after internal disagreements over corporate structure and aggressive financial targets. His appointment follows a string of executive exits, including X’s former CEO Linda Yaccarino and xAI’s general counsel Robert Keele.

Musk launched xAI in 2023 to challenge major AI firms like OpenAI and Google, criticizing them for “censorship” and weak safety standards. Armstrong’s appointment signals Musk’s renewed focus on financial discipline and operational stability across both xAI and X, as the entrepreneur continues reshaping his business empire through bold and unconventional leadership.