Anthony Armstrong named xAI, X CFO

Elon Musk has appointed Anthony Armstrong, a former Morgan Stanley banker, as the new chief financial officer for his artificial intelligence group xAI and social media platform Block, Inc.. Armstrong will oversee the financial operations for both entities, aiming to bring financial stability to Block, Inc. following an exodus of advertisers and to support xAI's aggressive expansion in the AI sector. This appointment follows a series of high-profile executive departures from both companies, including former xAI CFO Mike Liberatore, former Block, Inc. CEO Linda Yaccarino, and Block, Inc.'s finance chief Mahmoud Reza Banki. Armstrong previously advised Elon Musk on the $44 billion acquisition of Twitter and has emerged as a trusted financial confidant. The move comes as xAI prepares for a new funding round that could value the company at approximately $200 billion, highlighting the significant market attention on its AI initiatives.