Elon Musk’s artificial intelligence company, xAI, recently tapped Anthony Armstrong, the new chief financial officer. Armstrong, a former banker at Morgan Stanley, brings a wealth of experience to the position after advising Musk during the Twitter deal. His appointment comes at a time of significant transition for xAI, which has recently undergone leadership changes and a merger with X.
Anthony Armstrong, who just recently assumed his duties in that role. He is replacing Mahmoud Reza Banki, X’s current CFO, who is leaving the company. Armstrong’s responsibilities will include managing the budgets of xAI and X, especially after the two merged in April. This merger allowed for the strategic alignment of resources and operations between the two organizations. More importantly, the goal was to build up their expertise and capacity in the burgeoning AI field.
Armstrong’s hire comes at a tumultuous time for xAI. The former CFO, Mike Liberatore, departed in July, leaving the financial arm of the agency without permanent leadership for several months. Robert Keele, xAI’s general counsel, left in August after a little more than a year in the position. A key founding member, Igor Babuschkin, recently left the company. Senior attorney Raghu Rao departed around the same time, too. When combined with the uncertainty surrounding the previous departures, these exits have raised questions about stability and direction within the company.
Regardless of these hurdles, Armstrong has apparently already been working with xAI for a number of weeks leading up to his formal appointment. His deep familiarity with Musk means he will be able to adjust quickly. His previous advisory role will ease the transition into his new post.
The Financial Times was first to report Armstrong’s appointment, speaking to anonymous sources close to the situation. Ironically enough, xAI did not respond on-the-record to inquiries about this big hire.
The changes in leadership at xAI come amidst other high-profile departures at its parent company, X. Linda Yaccarino, former CEO of X, resigned in July. This resignation is more bad news for both companies, who are struggling to turn around an exodus of senior management. These changes together illustrate the fast-changing and sometimes tumultuous world of Big Tech. This is particularly the case in highly competitive areas such as artificial intelligence.