Elon Musk’s artificial intelligence company, xAI, has appointed Anthony Armstrong as its new Chief Financial Officer, according to the Financial Times. Notably, Armstrong, who is a former Morgan Stanley (MS) banker, advised Musk during the Twitter acquisition and had been working with xAI for several weeks before officially taking on the role. He will now oversee the finances of both xAI and X, which were merged earlier this year.
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This appointment comes after xAI spent months without a CFO following the July exit of Mike Liberatore. Armstrong’s arrival also follows a wave of high-profile departures across the two companies. Indeed, in August, General Counsel Robert Keele and Senior Lawyer Raghu Rao left, while Co-founder Igor Babuschkin stated that he was departing to launch a new venture capital firm focused on AI safety. Around the same time, X’s CEO, Linda Yaccarino, also resigned, adding to the leadership changes.
According to the Financial Times, Armstrong will also take over for Mahmoud Reza Banki, the current CFO of X, who is preparing to leave. With his extensive banking background and past experience working closely with Musk, Armstrong is expected to bring stability to both organizations. His role will be especially important as xAI and X deal with leadership turnover while pushing forward with their growth strategies.
What Is the Prediction for Tesla Stock?
When it comes to Elon Musk’s companies, most of them are privately held. However, retail investors can invest in his most popular company, Tesla (TSLA). Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 14 Buys, 13 Holds, and nine Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $350.58 per share implies 21.8% downside risk.
