Elon Musk’s X Corp, formerly known as Twitter, has announced the appointment of Mahmoud Reza Banki as its new Chief Financial Officer, marking a significant addition to the company’s leadership team. Banki, who previously served as the finance chief at Tubi, a streaming platform, for six years from 2017, joined X in November as indicated by his LinkedIn profile.
This strategic hire comes at a pivotal time for X Corp as its billionaire owner, Elon Musk, transitions his focus towards initiatives aimed at enhancing governmental efficiency. This shift in focus was underscored by U.S. President-elect Donald Trump’s recent announcement on Tuesday, appointing Musk alongside former Republican presidential candidate Vivek Ramaswamy to co-lead a newly formed Department of Government Efficiency.
X Corp’s hiring of Banki is seen as an effort to strengthen its financial operations, especially as the company navigates through a competitive advertising landscape. The social media platform is looking to bolster its appeal to advertisers amidst fierce competition from other tech giants like Meta Platforms (META), which owns Facebook.
The appointment follows another high-profile executive addition last year when Musk brought in Linda Yaccarino, previously the advertising chief at NBCUniversal, to steer the company as its new CEO. This move was part of Musk’s broader strategy to revamp X’s business model and operational structure post-acquisition.
Banki’s role will be crucial in navigating X Corp’s financial strategy, potentially focusing on new revenue streams, cost management, and ensuring financial stability in a rapidly evolving tech environment. His background in managing finances for a streaming service might bring innovative approaches to X’s financial planning, especially considering the platform’s ambitions to expand beyond traditional social media functionalities into areas like commerce and payments.
The Wall Street Journal was the first to report Banki’s appointment on Wednesday, highlighting the significance of this move within the tech and finance communities.
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