Elon Musk Denies Signed Deal with Telegram, Pressuring TON Token Rally
Elon Musk, CEO of xAI, clarified late Wednesday that no formal deal has been signed between xAI and Telegram, contradicting an earlier announcement by Telegram founder Pavel Durov. This revelation weighed on the TON token (TON), putting a halt to its recent rally.
Earlier on Wednesday, Pavel Durov announced a partnership with xAI to bring Musk’s AI assistant, Grok, to Telegram’s platform. The proposed deal would have granted Telegram 50% of revenue from xAI subscriptions sold through its service, alongside a $300 million cash and equity investment. This move was part of Telegram’s broader plan to raise $1.5 billion through a bond offering backed by major investors including BlackRock, Mubadala, and Citadel, according to previous reports by CoinDesk.
In his announcement, Durov tweeted:
“This summer, Telegram users will gain access to the best AI technology on the market. @elonmusk and I have agreed to a 1-year partnership to bring xAI’s @grok to our billion+ users and integrate it across all Telegram apps 🤝”
However, Musk responded swiftly, stating:
“No deal has been signed.”
Following Musk’s statement, TON’s price dropped from $3.60 to $3.28 within minutes, reversing much of the 14% rally it had gained earlier in the day.
Pavel Durov later acknowledged Musk’s clarification on X, saying:
“Agreed in principle, but formalities are pending.”
The situation highlights ongoing uncertainty surrounding the partnership and has put TON investors on alert as they await official confirmation.
