Elon Musk’s X Corp. has appointed Mahmoud Reza Banki as its chief financial officer, as reported by The Wall Street Journal. Banki is the first publicly acknowledged head of the company’s finance division, according to current and former employees. While other executives had taken on similar roles since Musk acquired the company, Banki’s appointment marks a new chapter for X Corp.
Banki’s Background and Journey to X Corp.
Banki previously served as the CFO of streaming platform Tubi, a role he held since 2017, according to his LinkedIn profile. He joined X Corp. in November, bringing years of financial expertise. However, his career has not been without controversy. In 2010, Banki was convicted of perjury and spent nearly two years in prison before receiving a pardon from former President Donald Trump in January 2021.
Challenges Ahead for X Corp.
Banki steps into this role at a critical juncture for X Corp, notes NIX Solutions. The company faces significant challenges, including a substantial debt load and a steep decline in advertising revenue following Musk’s acquisition in late 2022. The financial strain has impacted the company’s valuation, which reportedly fell by more than half last year, dropping to approximately $19 billion.
X’s future remains uncertain, but the appointment of a dedicated CFO could signal steps toward stabilization. We’ll keep you updated as Banki navigates these challenges and helps shape the financial future of X Corp.