• Elon Musk’s X has named Mahmoud Reza Banki to serve as the platform’s chief financial officer.
• Banki, a former Tubi executive, received a presidential pardon from Donald Trump in 2021.
• X is facing financial challenges, including declining ad revenue and a significant drop in value.

from Elon Musk X named Mahmoud Reza Banki, a former Tubi executive who received a presidential pardon from Donald Trump, as the platform’s new CFO.

Banki, who previously held the title of chief financial officer and chief strategy officer at the streaming service Tubes from 2017 to July 2023, updated his LinkedIn profile to reflect the new position.

Former Tubi executive is X’s first permanent CFO since it went private. Current and former employees said The Wall Street Journal, which first reported the news, that other executives have helped fill the role in the two years since Musk bought the platform for $44 billion.

X representatives did not immediately respond to a request for comment from Business Insider made outside normal business hours.

Presidential pardon

Banki received a pardon from President Trump on January 19, 2021.

He was pardoned in a case related to the 2010 allegations of false statements. He also faced charges related to violating sanctions against Iran, which were later dropped.

Banki spent nearly two years in prison before being released in November 2011 following a successful appeal.

In a statement released following the pardon, the Trump administration said: “In 2010, Dr. Banki was charged with monetary violation of Iranian sanctions and making false statements.”

“However, the felony charges of perjury have prevented Dr. Banki from resuming a full life. In the years since his conviction, Dr. Banki has dedicated himself to his community and maintained a sincere love and respect against the United States,” he added. the white one House said in the statement.

Banki was among 73 people granted pardons in the final days of the Trump administration. Another 70 people have also had their sentences commuted.

of Banki website states that he left post-war Iran in the 1990s and traveled to the US at the age of 18 “with the promise of the American dream and a chance at a better life”.

The website adds that he graduated from UC Berkeley with a double major and Princeton with a Ph.D. before joining McKinsey & Company in New York City in 2005.

Referring to the presidential pardon, its website states: “Happy with the result. Finally, relief for justice. Sadness of utter pain, suffering and hopelessness throughout. .”

X’s financial problems

Banki joins X at a critical time for the platform.

Since Musk took control of the platform in 2022, the company has faced financial challenges, including a decline in advertising revenue. Some major brands have pulled their content from X, and the platform has struggled to win back advertisers.

In a September report, market research firm Kantar found that more than a quarter – or 26% – of advertisers surveyed planned to reduce their spending in 2025.

The value of X has also dropped drastically.

In January, asset manager Fidelity said X had lost more than 71% of its value since Musk bought it in October 2022.

The Wall Street Journal reported in August that Musk’s purchase of Twitter ended up being worst purchase finance deal for banks since the 2008 recession.

The $13 billion in loans Musk took out were stuck on bank balance sheets, the Journal reported.

Musk’s vision for X also includes developing a range of financial features that could allow users to manage their finances entirely on the platform. The billionaire plans to turn X into a “everything app” similar to WeChat.