The chief financial officer of Elon Musk’s artificial intelligence venture xAI has stepped down from his role, according to a Thursday report from the Information citing sources with knowledge of the situation.
Anthony Armstrong, who took on the CFO position in October, is leaving the company amid what sources describe as a broader pattern of senior executive departures from the organization.
Before joining xAI, Armstrong worked as an investment banker at Morgan Stanley and provided advisory services to Musk during his purchase of the social media platform X. According to previous reporting by the Information in February, Armstrong had been working under Bret Johnsen, who became the finance leader of the merged entity after xAI and SpaceX completed their record-breaking combination.
When contacted for comment about Armstrong’s departure, xAI representatives did not provide an immediate response to Reuters.
According to an October report in the Financial Times, Armstrong had been overseeing financial operations for both xAI and X. His responsibilities included working to restore the social media platform’s financial health after many advertisers pulled their spending when Musk implemented less restrictive content policies.
Meanwhile, SpaceX is moving forward with plans for a major public stock offering aimed at raising $75 billion, which would give the aerospace company a valuation of up to $1.75 trillion, according to previous Reuters reporting.
Company officials presented IPO details to their banking team during a Monday meeting, indicating plans to reserve a significant number of shares for individual investors and announcing a June event for 1,500 retail investors.
