Catenaa, Friday, May 30, 2025-Elon Musk on Wednesday refuted Telegram’s announcement of a $300 million partnership to integrate xAI’s Grok chatbot into the messaging app, saying no agreement has been finalized.
The contradiction followed Telegram CEO Pavel Durov’s public claim that his company had entered a cash-and-equity deal with Musk’s xAI to deploy Grok across Telegram and split subscription revenue.
Durov’s announcement had triggered market enthusiasm, pushing Toncoin — Telegram’s native token — up 18.7% to $3.55 before falling back to $3.35 after Musk’s denial.
Responding directly to Durov’s post on X, Musk wrote, “No deal has been signed.”
Durov later acknowledged the remark, clarifying that while an agreement had been reached in principle, it was still pending legal formalities.
The initial announcement had portrayed the deal as a strategic integration of Grok’s capabilities into Telegram’s AI bot ecosystem, with expectations of shared revenue from xAI subscriptions sold via the platform.
The proposed package included a combination of cash and equity valued at $300 million.
Durov’s statement came shortly after Telegram revealed plans to raise $1.5 billion through a new bond offering.
Proceeds from the sale would be used to repurchase outstanding 2021 bonds. The bond raise has drawn interest from heavyweight institutional investors including Citadel, BlackRock and Abu Dhabi’s Mubadala.
Despite the retraction, analysts say the proposed collaboration, if realized, could be a landmark in AI integration within messaging apps — combining xAI’s technology with Telegram’s vast user base.
