Tesla CEO and owner of social media platform X, Elon Musk is making big changes at xAI. The Financial Times reported on Monday that 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.
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, founded by Elon Musk in 2023, has rapidly emerged as a key player in the AI space. In February, it released Grok 3, a multimodal model with advanced reasoning and image capabilities, and later open-sourced Grok 2.5, with plans to release Grok 3 under similar terms.
In March, xAI completed a high-profile acquisition of X (formerly Twitter), integrating its AI technology directly into the platform. The company has also faced challenges, including controversial chatbot outputs, such as antisemitic responses, which triggered public backlash and content takedowns.
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xAI is currently in a legal dispute with OpenAI over alleged trade secret violations. Despite these issues, the firm continues to grow and positioning itself as a central figure in the race for advanced AI
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.
Armstrong brings extensive expertise in technology mergers and acquisitions, having previously served as the global head of technology M&A at Morgan Stanley. His experience includes advising Musk on the landmark $44 billion acquisition of Twitter, now rebranded as X, in 2022.
Armstrong’s appointment comes at a pivotal time as xAI completed its acquisition of X in early 2025, merging the AI firm with the social media platform to integrate advanced AI capabilities directly into the user experience.
In his CFO role, Armstrong is responsible for overseeing the financial operations of both xAI and X, helping to stabilize and grow the combined company’s finances amid challenges such as advertiser concerns and evolving content moderation policies.
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Before joining xAI, Armstrong also worked closely with Musk during Musk’s involvement with the Department of Government Efficiency (DOGE) in Washington, further solidifying their professional relationship. His appointment follows the recent departures of several senior executives from Musk’s ventures, including the previous CFO of xAI and X’s CEO.
Armstrong’s strong background in tech finance and his established trust with Musk position him as a key figure in navigating the complex financial landscape of xAI and X, which is targeting a valuation near $200 billion.
The merger of xAI and X symbolizes Musk’s ambition to create a powerful synergy between AI innovation and social media, potentially reshaping digital communication. Despite facing controversies and legal battles, the firm’s focus on cutting-edge AI models and financial restructuring signals a commitment to long-term success.