Musk's X appoints executive who got presidential pardon as CFO
Elon Musk has hired Mahmoud Reza Banki, a former executive of streaming platform Tubi, as the chief financial officer (CFO) for X Corp. The move comes as Musk's duties are growing in the newly formed Department of Government Efficiency (DOGE). DOGE's objective is to cut down federal government spending under the incoming administration of President-elect Donald Trump.
Banki's appointment signals Musk's focus on live streaming
Banki's appointment as CFO marks a major move for X Corp as this is the first official hiring for the role. The decision could also indicate Musk's increasing interest in live streaming on X. According to The Wall Street Journal, the strategic shift comes as Musk continues to seek advertisers amid stiff competition from other social media platforms.
Musk's role in X Corp and political influence
Jasmine Enberg, VP at Emarketer told Reuters, that Musk's decision to appoint Banki indicates that he might be stepping back from the day-to-day business of X Corp. However, she stressed that Musk is not fully stepping away from the company since it is integral to his political agenda and getting a seat in the next administration.
Banki's past and presidential pardon
In a 2010 case, Banki was convicted of making false statements and spent nearly two years in prison. However, he was given a presidential pardon by Trump in 2021. This legal history doesn't appear to have deterred Musk from appointing him as X Corp CFO.
