Elon Musk's fren in the Telegram announcement: Toncoin (TON) dropped.

Elon Musk has stated that an official agreement has not yet been signed regarding the news of a $ 300 million partnership between artificial intelligence startup xAI and Telegram. Musk emphasized that the final agreement on the integration of the artificial intelligence chatbot called Grok, developed by xAI, into Telegram has not been reached.

The denial in question came after Telegram’s founder Pavel Durov’s statement on Wednesday. Durov had announced that a cash and equity deal worth 300 million dollars was made between xAI and Telegram.

However, Elon Musk responded to Durov’s post with “No agreement has been signed.” Following this, Durov confirmed Musk’s statement by stating that the agreement was only reached on a principles basis and that the final documents have not yet been completed.

Pavel Durov’s explanation of Grok came shortly after Telegram announced plans for a new bond issuance worth 1.5 billion dollars. According to a report by the Wall Street Journal, existing and new investors such as Citadel, BlackRock, and Abu Dhabi-based Mubadala are expected to participate in the bond sale.

Following these developments, the TON used in Telegram’s blockchain infrastructure increased by 18.7% to reach $3.55. However, after Musk’s statement, the price fell to $3.35.

At the time the news was written, TON is trading at a level of 3.34 dollars.

Published: May 29, 2025 16:31