Elon Musk’s X names former Tubi executive Banki as new CFO

• X has appointed former Tubi CFO Mahmoud Reza Banki, who joined the company in November and previously played a key role in Tubi’s growth.

• As Musk takes on a new role focused on government efficiency, X continues to face challenges, including declining ad revenue and a shrinking user base, with monthly active users down by 24%.

What happened

Elon Musk’s X Corp has appointed Mahmoud Reza Banki as its new chief financial officer. Banki, who joined X in November, was previously CFO at Tubi, where he spent six years driving growth. The move comes as Musk shifts focus to a new role aimed at improving government efficiency. On Tuesday, U.S. President-elect Donald Trump named Musk and former presidential candidate Vivek Ramaswamy to co-lead a newly established Department of Government Efficiency.

Despite these changes, Musk’s influence at X remains strong. The platform is still working to recover from a slump in advertising revenue, as competition from rivals like Meta Platforms increases. In 2023, X appointed former NBCUniversal ad chief Linda Yaccarino as CEO to reverse the drop in ad sales.

Banki’s background in streaming and video content could indicate a new focus for X on video as a revenue stream. However, the platform’s user base is shrinking, with global monthly active users down 24% compared to the previous year.

Also read: Social media platform X set for reinstatement in Brazil after Supreme Court compliance

Also read: How Twitter became valued at less than one-third of Musk’s acquisition price

Why it is important

The appointment of Mahmoud Reza Banki as X’s new CFO marks a significant shift for the platform. Banki brings a wealth of financial experience, having led Tubi’s growth as CFO. His expertise in streaming and video content could help X focus more on video as a potential growth area.

This move is especially notable as Musk takes on a new role focused on improving government efficiency. While his involvement with X may change, his influence remains strong. X is still working to recover from a decline in advertising revenue, with competition from rivals like Meta Platforms increasing. Banki’s appointment, alongside other leadership changes, highlights Musk’s continued efforts to turn around X’s business and user engagement in the face of these challenges.