Telegram’s proposed partnership with Elon Musk’s xAI is going through uncertainty after Musk publicly denied that any settlement has been finalized.
This comes simply hours after Telegram CEO Pavel Durov introduced what gave the impression to be a $300 million deal to combine xAI’s Grok chatbot into the messaging app.
On Wednesday, Durov mentioned the 2 firms had agreed “in precept” to a one-year partnership. He claimed the deal included a $300 million cash-and-equity funding from xAI, plus 50% of the subscription income generated from Grok inside Telegram.
Grok would reportedly be built-in throughout Telegram’s apps this summer time, enabling AI options corresponding to good search, message rewriting, and content material moderation.
Musk’s rebuttal
However in a short touch upon X, Musk refuted Durov’s announcement: “No deal has been signed.” Following Musk’s rebuttal, Durov walked again the knowledge of his assertion, saying the settlement was nonetheless pending closing documentation.
The confusion comes at a important time for Telegram. The platform lately introduced plans to boost $1.5 billion in a bond sale, reportedly involving institutional buyers corresponding to Citadel, BlackRock, and Mubadala.
Durov had mentioned the Grok partnership would assist bolster Telegram’s monetary place following its 2024 revenue of $540 million.
Regardless of the dearth of a finalized deal, Toncoin (TON), Telegram’s related crypto token, initially jumped practically 19% on the information earlier than retreating after Musk’s response.
