Elon Musk Names Ex-Morgan Stanley Banker CFO of xAI, FT Reports

Group 1 - Elon Musk appointed Anthony Armstrong, a former Morgan Stanley executive, as the chief financial officer of xAI, aiming to strengthen the financial oversight of one of the largest US artificial intelligence startups [1][2] - Armstrong will also manage finances for the social media platform X, which Musk acquired for $44 billion, and is tasked with restoring its financial health [2][4] - xAI achieved a valuation of $200 billion last month, positioning it among the world's most valuable startups, as Musk seeks capital to compete with major players like OpenAI, Alphabet Inc., and Meta Platforms Inc. [3] Group 2 - xAI is reportedly losing $1 billion per month due to high infrastructure costs, highlighting the financial challenges the company faces [4] - The social media platform X experienced a sales decline in the second quarter, indicating difficulties in maintaining revenue growth after Musk's acquisition [4] - Armstrong's appointment comes amid management instability, as his predecessor left shortly after taking the role, and the CEO of X stepped down less than three months after the acquisition [5][6]