Elon Musk appointed new CFO X

X Corp. Elon Musk has appointed Mahmoud Reza Banki as chief financial officer, The Wall Street Journal reported. According to current and former employees of the social network, Banks became the first publicly known head of the financial division, although other leaders have performed these duties since the acquisition of the company by Musk.

Image source: X

Banks has been chief financial officer of streaming platform Tubi since 2017, according to LinkedIn, and joined X in November. Banks was convicted of perjury in 2010 and spent nearly two years in prison before being pardoned by Trump in January 2021.

Banks takes responsibility for X’s financial operations at a critical time for the company, writes WSJ. X’s main problems include a large debt load and a sharp drop in advertising revenue after its acquisition by Musk at the end of 2022. X reported last year that its market value had more than halved to about $19 billion.