Telegram apparently has no $ 300 million dollar deal with Elon Musks Xai
- Elon Musk denies the signing of a formal agreement with Telegram via Xai, which means that the toncoin loses previous profits.
- Telegrams $ 1.5 billion loan proceeds serves to repay debts in the middle of uncertainty about the XAI chat bot partnership.
The announcement of Telegram to enter into a $ 300 million partnership with Elon Musks Xai to integrate the AI Chatbot Grok into its platform met with unexpected resistance. Elon Musk denied that he signed a formal agreement with Telegram, which caused doubts about the status of the deal.
Toncoin (sound) initially rose sharply, but lost clarification after Musk. The company is still in the process of providing a bond emission of $ 1.5 billion.
Elon Musk denied agreement
Telegram boss Pavel Durov announced a deal with Elon Musks Xai on May 28th to bring the Grok Ai Chatbot on Telegram. The deal should include $ 300 million in cash and equity from Xai and sales participation, in which Telegram receives 50% of subscription sales via the app.
Durov described the business as a partnership with sales participation that aimed to provide the AI chat bot functions over one billion telegram users.
But shortly after Durov’s announcement tweet Elon Musk that “no contract was signed”. His tweet indicated that there could have been conversations or fundamental agreements, but there is no final or binding contract.
After mushs denti cleared Pavel Durov public athat the business is “in principle agreed”, but “the formalities are still standing”, so that the future of the partnership is still unclear.
This back and forth caused confusion in the tech and crypto community, since Telegram still receives its original announcement, so that the deal could still come about as soon as the “paperwork” was done. The uncertainty about the status of the deal puts the market under pressure and raises questions about the time and feasibility of the integration of Grok AI in Telegram.
Toncoin reacts to the uncertainty
Toncoin (sound), the native token of the Telegram Open Network, reacted violently to the news. As reported, sound rose by $ 15 % to $ 3.70, driven by the $ 300 investment in Xai and the potential thrust by the advanced AI in his ecosystem. The sound turnover skipped 300% to over $ 1.1 billion, which showed the market’s interest.
According to the latest technical analysis, sound had broken out of a descending triangle, which indicates a positive momentum. The MacD showed a golden cross in which the 12-dayema exceeded the 26-dayemaem, which speaks for further upward movement. According to analysts, Ton could strive for a price target near $ 4.10, provided that it maintains support above the $ 2.95 mark.
After the tweet of Musk, in which he denied a signed contract, Ton gave up part of his profits and noted at around $ 3.35. The short -term outlook is now more careful because the investors digest the news.
Telegram undeterred
Despite the XAI drama, Telegram still takes great financial steps. As the Wall Street Journal reports, the company has just recorded $ 1.5 billion through bond emissions.
Some big names were involved in this bond sale, including Blackrock, Citadel and Mubadala, an investment company from Abu Dhabi. Telegram will use the new funds to buy back the remaining debts of the 2021 bond, which will be due in March 2024.
The debts are to be restructured and financial flexibility is to be created with bond emission. CEO Pavel Durov said that the revenues for the management of existing obligations are used, so that the confidence of investors in the company continues to exist despite the XAI Chatbot uncertainty.
Durov also said that he would soon end his stay in France and return to Dubai, so that the management of Telegram is still active – CNF reported.
In this context, Elon Musk also announced that he left the Department of Government Efficiency “Doge”. Musk said that his departure was the end of his 130-day term and not unplanned, and the department would continue to reduce wasteful expenses.
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