Elon Musk’s social media platform X, formerly known as Twitter, has hired Mahmoud Reza Banki as its CFO, the first person to hold the position since former CFO Ned Segal’s departure in 2022. Banki comes from Tubi, a video streaming platform that was acquired by FOX for $440 million in 2020. He held the CFO position at Tubi for nearly seven years and saw the company grow substantially while maintaining its model of free ad-based streaming services.
He has also worked as a consultant and fractional CFO independently for nearly 12 years. He is also a founding member of the F-Suite, a title given to coveted members of the exclusive CFO leadership group.
Banki was one of 73 public figures and executives to receive a presidential pardon from then-President Donald Trump during the last days of his term before President Joe Biden took office. Banki wasn’t incarcerated during Trump’s presidency, however, he spent almost two years in prison for making false statements related to government subpoenas before being released in November 2011 following a successful appeal. He has since developed a personal mission to speak about justice reform.
“In 2010, Dr. Banki was charged with monetary violations of Iranian sanctions and making false statements,” a statement put out by the Trump administration following the pardon said. “However, the felony charges for making false statements 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 for the United States.”
Banki takes on a role with considerable financial challenges. Musk borrowed $13 billion to buy X, and the company has faced advertising threats because of the inability to control and censor content on the platform. However, Musk has long disregarded advertiser threats and has boasted of record-breaking usage.
With Musk’s role in a future Trump administration possibly consisting of running a Department of Government Efficiency, it’s also likely that Banki’s hire will help delegate some of the day-to-day executive operations of the company from Musk’s plate to Banki’s.
