Although founder Pavel Durov is still under "house arrest" in France, Telegram continues to gain support from investors.
Compiled by: Felix, PANews
On May 29, sources revealed that the instant messaging app Telegram plans to raise at least $1.5 billion through a bond issuance. Additionally, the founder of Telegram announced a $300 million deal with Musk's xAI (which has not yet been finalized).
Driven by a series of positive news, the price of the native token TON of Telegram's The Open Network briefly surged. According to CoinGecko data, Toncoin (TON) once soared to about $3.7, an increase of approximately 23%, and is currently reported at $3.32. Although Musk later clarified that no formal agreement has been signed, causing a slight price drop, the 24-hour increase still reached 11.2%.
Plan to Issue Bonds to Raise $1.5 Billion
Sources revealed that Telegram will issue five-year bonds with a yield of 9%. The company plans to use the proceeds from this bond issuance to repurchase its remaining bonds issued in 2021, which are set to mature in March next year. The company had previously repurchased about $400 million of such bonds in cash.
Investors include existing Telegram bondholders, such as U.S. asset management firm BlackRock and Abu Dhabi's sovereign investment company Mubadala. New investors are expected to include hedge fund company Citadel, among others.
Like the bonds previously issued by Telegram, if the company decides to go public, investors in the new bonds will have the option to convert their debt into equity at a discounted price. However, given the legal uncertainties faced by founder Pavel Durov and market volatility, the company is unlikely to pursue an IPO in the short term.
Collaboration Intent with xAI to Gain Equity and Subscription Revenue Share
In addition to the planned $1.5 billion bond issuance, Pavel Durov stated on the X platform that Telegram will gain a new revenue source: a one-year agreement to distribute Musk's xAI artificial intelligence model Grok (integrating the Grok chatbot into Telegram). In return, Telegram will receive $300 million in cash and equity in the AI company, as well as 50% of the xAI subscription revenue sold through Telegram.
Furthermore, Pavel Durov emphasized privacy. Some users expressed, "I hope user data can remain secure." In response, Pavel Durov stated, "User privacy is paramount. It should be clear that xAI will only access data that Telegram users explicitly share with Grok through direct interaction."
It is worth mentioning that later that day, Musk denied this statement, replying that "no agreement has been signed yet." Following this news, the price of the TON token dropped. In response, Pavel Durov said, "That's right, we agree in principle, but the formal procedures are yet to be completed."
Founder Under Investigation but Revenue Momentum Strong
Pavel Durov was born in Russia and holds Russian, UAE, and French citizenship. In August 2024, Pavel Durov was arrested in France for failing to assist police in combating crime and is currently under investigation in France. Although Pavel Durov has been released on bail, he is not permitted to leave France without permission during the investigation.
Pavel Durov had applied for a special exemption on May 12 to travel to the U.S. for negotiations with investors, but French prosecutors stated that the request was denied due to the reasons for his trip being "neither convincing nor reasonable." It is currently unclear how long Pavel Durov will be detained in France.
It is noteworthy that despite the legal risks faced by founder Pavel Durov, Telegram's development has not been significantly affected.
According to sources, Telegram has informed investors that its revenue for 2024 is projected to be $1.4 billion, with a profit of approximately $540 million, marking a significant rebound from the previous year's sluggish performance. Telegram's revenue in 2023 was $342 million, with a loss of $173 million.
Additionally, Telegram executives stated that by March 2025, Telegram is expected to have 1 billion active users, with over 15 million paying users, doubling in the past year. Revenue for 2025 is expected to reach $2 billion, with profits exceeding $700 million.
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