Anthony Armstrong, who became CFO of AI startup xAI in October, has reportedly left the company as part of a broader wave of senior exits, according to The Information. Before joining xAI, Armstrong worked as a banker at Morgan Stanley (MS) and advised Elon Musk during the acquisition of X. After taking the role, he reported to Bret Johnsen, who became the finance chief of the combined company following the merger between xAI and aerospace firm SpaceX.
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Trade TSLA with leverageIn addition to overseeing finances at xAI, Armstrong led financial operations at X. His job included helping stabilize the social media platform after it lost many advertisers, which happened after changes to its content moderation policies. Because of this, his departure comes at a time when both xAI and X are still working through major operational and financial changes.
Meanwhile, these leadership changes are happening as SpaceX moves closer to a major milestone. The company is preparing for a highly anticipated IPO that could raise about $75 billion and value the business at up to $1.75 trillion. It has already begun working with banks on the deal and plans to offer a large portion of shares to retail investors. In addition, SpaceX is planning to host around 1,500 retail investors at a special event in June, which shows just how much interest there is around the offering.
What Is the Prediction for TSLA Stock?
When it comes to Elon Musk’s companies, most of them are privately held. However, retail investors can invest in his most popular company, Tesla (TSLA). Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 13 Buys, 11 Holds, and eight Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $392.63 per share implies 13.5% upside potential.
