According to the Financial Times, the number of Telegram users has reached nearly 900 million, and its founder Pavel Durov has stated that it is close to profitability. In an interview with the Financial Times, Durov mentioned that the introduction of advertising and advanced services has generated hundreds of millions of dollars in revenue, making Telegram one of the most popular social media applications in the world. Telegram is now raising hundreds of millions of dollars to secure its future profitability. It is reported that the platform has increased its user base from 500 million at the beginning of 2021 to 900 million.
According to two sources, once Telegram becomes profitable and market conditions are favorable, it may seek to go public in the United States. Durov declined to comment on the timeline or possible venue for the IPO. Telegram has already raised approximately $2 billion in debt financing through a $1 billion bond issue in 2021 and further issuances of $7.5 million and $2.7 million last year.
Contrary to allegations that Telegram is linked to criminal activities, extremist or terrorist content, and misinformation, Durov denied any such connection with the Russian government. Durov, who is of Russian origin, co-founded Telegram with his brother in 2013. He stated that he left Russia a year later after refusing to share certain user data from Ukraine with Russian security agencies. Under pressure, he sold his stake in the company VK, which he had founded, to a Russia-friendly oligarch for $300 million.
Durov revealed that Telegram has been testing advertising in certain regions, requiring each marketer or agent to spend at least 1 million to 10 million euros. This year, the company plans to expand this service globally and target smaller advertisers through automation.
He also mentioned that Telegram is exploring the introduction of an AI-driven chatbot.
Following the news from the Financial Times, Telegram’s ecosystem cryptocurrency, TON, rose by over 12% to $3.11, with a trading volume-to-market cap ratio of 0.014 (compared to 0.039 for Bitcoin). TON, which is claimed to be community-driven and strongly supported by Telegram, was created through a plan that emerged after Telegram raised nearly $1.7 billion in 2018, which eventually led to a lawsuit by the U.S. SEC and the refunding of funds to investors. TON is currently widely used in the Telegram app and is distributed through mining to avoid illegal fundraising risks.
The successful IPO listing of Telegram in the United States, considering its rumored sensitive relationship with Russia, remains to be seen. Recently, eToro and Reddit have both claimed to be interested in IPOs, reflecting the heat in the investment market and giving popular companies that failed to IPO successfully in the previous bull market another chance to test the waters.
Additionally, the relationship between TON tokens and Telegram shares will also affect the price movements of both.
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