Elon Musk has appointed Anthony Armstrong, a former Morgan Stanley banker, as the Chief Financial Officer of his $113 billion xAI group. Armstrong, who previously advised Musk on the $44 billion acquisition of X, will now oversee financial operations for both xAI and X, consolidating Musk’s control over his AI and social media ventures amid several senior departures.
In his new role, Armstrong is expected to manage strategic financial planning, capital allocation, and investor relations as xAI continues its ambitious growth trajectory. The appointment comes as the company pursues an aggressive expansion plan and targets a valuation of $200 billion, reflecting Musk’s long-term vision for integrating AI capabilities with his broader technology ecosystem.
Armstrong brings decades of experience in investment banking, corporate finance, and mergers and acquisitions, having guided numerous high-profile transactions during his tenure at Morgan Stanley. His familiarity with Musk’s strategic approach and prior involvement in the X acquisition is anticipated to facilitate smoother financial oversight and decision-making across the intertwined businesses.
xAI, Musk’s AI venture, has been rapidly scaling its operations and talent acquisition efforts to compete with major players in the generative AI space. Meanwhile, X continues to serve as Musk’s primary social media platform, with Armstrong’s oversight expected to enhance financial cohesion and operational efficiency between the two entities.
The CFO appointment signals Musk’s intent to reinforce executive leadership amid an evolving corporate structure. Industry analysts suggest that having a seasoned finance professional like Armstrong in a key role will be critical as xAI navigates fundraising, valuation growth, and regulatory considerations in the fast-paced AI sector.
With Armstrong on board, Musk is positioned to consolidate his financial strategy, streamline operations, and strengthen investor confidence as both xAI and X pursue their ambitious growth objectives.
