Elon Musk Denies Signed Deal with Telegram, TON Token Slides
Elon Musk, CEO of xAI, clarified late Wednesday that no formal agreement has been signed between xAI and Telegram, contradicting an earlier announcement made by Telegram founder Pavel Durov. This clarification put pressure on TON (TON), the token associated with Telegram, stalling its recent rally.
Earlier on Wednesday, Pavel Durov announced a partnership with xAI to integrate Elon Musk’s AI assistant, Grok, into Telegram’s platform. According to the initial announcement, Telegram would receive 50% of revenue generated from xAI subscriptions sold via its app, alongside a $300 million cash and equity investment. This move is part of Telegram’s plan to raise $1.5 billion through a bond offering backed by major investors including BlackRock, Mubadala, and Citadel, as reported by CoinDesk.
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 late Wednesday with:
“No deal has been signed.”
Following Musk’s statement, TON’s price dropped from $3.60 to $3.28, reversing much of the 14% gain it had made earlier that day, according to CoinDesk market data.
Later, Pavel Durov acknowledged Musk’s clarification on X, writing:
“Agreed in principle, but formalities are pending.”
The exchange has injected uncertainty into the partnership, leaving TON investors cautious as they await further developments.
