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Updated - October 07, 2025 at 12:27 PM.

Elon Musk named a former Morgan Stanley executive the chief financial officer of xAI, the Financial Times reported, appointing an ally to help oversee one of the largest US artificial intelligence startups.

Anthony Armstrong will helm finance at both xAI and social media service X, the newspaper reported, citing people familiar with the matter. The executive, who helped Musk complete the $44 billion acquisition of the former Twitter, will take up responsibility for nursing the social media platform back to financial health, the FT reported. 

Musk’s xAI raised funds at a $200 billion valuation just last month, making it one of the world’s most valuable startups. The billionaire has sought capital as he tries to keep pace in a heated race that’s seen companies like OpenAI, Alphabet Inc. and Meta Platforms Inc. spend tens of billions on data centers. 

Musk, too, has spent aggressively in those areas, and Bloomberg News reported earlier this year that xAI is losing $1 billion per month, due to high infrastructure costs. 

More stories like this are available on bloomberg.com

Published on October 7, 2025

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