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- Elon Musk's X has tapped 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.
Elon Musk's X has appointed Mahmoud Reza Banki, a former Tubi executive who received a presidential pardon from Donald Trump, as the platform's new chief financial officer.
Banki, who previously held the title of chief financial officer and chief strategy officer at streaming service Tubi from 2017 to July 2023, updated his LinkedIn profile to reflect the new position.
The former Tubi executive is X's first permanent CFO since it became a private company. Current and former employees told The Wall Street Journal, which first reported the news, that other executives had helped to fill the role in the two years since Musk bought the platform for $44 billion.
Representatives for X did not immediately respond to a request for comment from Business Insider, made outside normal working hours.
Presidential pardon
Banki received a pardon from President Trump on January 19, 2021.
He was pardoned for a case connected to 2010 charges of making false statements. He also faced charges related to sanctions violations against Iran, which were later overturned.
Banki spent almost two years in prison before he was 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 violations of Iranian sanctions and making false statements."
"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," the White House said in the statement.
Banki was among 73 individuals who were granted pardons in the final days of Trump's administration. An additional 70 individuals also had their sentences commuted.
Banki's website states he left postwar Iran in the 1990s and traveled to the US at the age of 18 "on the promise of the American dream and to have a shot 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, his website states: "Joy at the outcome. Relief for justice at last. Sadness of the utter pain, distress, and hopelessness throughout. Exhaustion of the journey. And ultimately thankful to have a grave weight off my shoulders."
X's financial issues
Banki is joining the 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 drop 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 cut their spending in 2025.
The value of X has also fallen sharply.
In January, asset manager Fidelity said X had lost over 71% of its value since Musk acquired it in October 2022.
The Wall Street Journal reported in August that Musk's Twitter purchase had ended up being the worst buyout financing deal for banks since the 2008 recession.
The $13 billion in loans Musk took out have been stuck on banks' 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 an "everything app," similar to WeChat.