Elon Musk Says ‘No Deal Has Been Signed Yet’ With Telegram

Highlights

Elon Musk denied signing a formal agreement with Telegram for integrating xAI's Grok AI chatbot.
Toncoin (TON) surged 15% initially, but the momentum faded after Musk's denial.
Telegram recently raised $1.5 billion through a bond issuance.

Tech billionaire Elon Musk has denied signing any formal partnership with Telegram yet on integrating Grok AI chatbot on the messaging platform. As a result, Telegram CEO Pavel Durov’s claims, of a $300 million cash-and-equity deal with xAI, seem to be still under development. Toncoin (TON) seems to be quickly losing steam after 3% dip in last 24 hrs.

Elon Musk Denies Signing Telegram Deal

As reported by coingape, On May 28, Pavel Durov announced that his firm will integrate the Grok AI Chatbot, developed by Elon Musk’s xAI, into its social platform as part of a revenue-sharing partnership. The deal includes a $300 million cash-and-equity package, along with 50% of xAI subscription sales generated through Telegram.

But responding to Durov’s post on the X platform, Musk wrote: “No deal has been signed”. This led the community to explode over what is actually happening.

Moments later, Durov also agreed to Musk’s statement, adding: “True. Agreed in principle, but formalities are pending”.

Well, Durov has kept his yesterday’s post as it is, which highlights that the deal could be proceeding as per his plans. Telegram is making bold moves and recently raised $1.5 billion from BlackRock through bond issuance.

The firm plans to use the proceeds from the issuance to repurchase the remaining debt from its 2021 bond issuance, which is scheduled to mature in March 2024. Additionally, Durov has confirmed that his lockdown in France would be ending soon, and he would be returning to Dubai next week.

Soon after the announcement by Durov yesterday, Toncoin (TON), a cryptocurrency having past links to Telegram, surged 15%, shooting to $3.70. The TON daily trading volume has skyrocketed by 300%, crossing more than $1.1 billion.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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