Elon Musk has appointed Anthony Armstrong, a former Morgan Stanley banker who advised him during the acquisition of Twitter (now X), as the new chief financial officer of his artificial intelligence company, xAI, according to a report by the Financial Times. Armstrong will oversee financial operations for both xAI and X, the social media platform Musk acquired in 2022, the report said, citing multiple sources familiar with the decision. A seasoned dealmaker, Armstrong has been working with xAI for several weeks and was officially named CFO recently.

Neither xAI nor X has commented on the appointment, and Armstrong could not be reached, Reuters reported. Launched in 2023, Musk’s xAI aims to compete with major tech firms in the AI space, which he has criticized for censorship and weak safety measures. Armstrong’s new role will include helping stabilize X’s finances following a significant loss of advertisers after Musk eased its content moderation rules.

As Morgan Stanley’s global head of technology mergers and acquisitions, Armstrong played a key role in Musk’s $44 billion purchase of Twitter, during which the two built a close working relationship. Earlier this year, Armstrong also assisted Musk with oversight of the Office of Personnel Management during his tenure at the Department of Government Efficiency in Washington. Armstrong replaces Mike Liberatore, who left xAI earlier this year after internal disagreements over corporate structure and financial goals, according to the report. Armstrong’s X profile now displays the xAI logo beside his name, reflecting his new position.

His appointment follows a series of senior departures from Musk’s companies, including X CEO Linda Yaccarino in July, as well as xAI’s former finance chief Liberatore and general counsel Robert Keele. X’s CFO Mahmoud Reza Banki also resigned after less than a year in the role. The Financial Times added that xAI is currently in talks for a new funding round that could value the company at around $200 billion, though the deal has not yet been finalized.