In his first interview since 2017, Pavel Durov, the co-founder of Telegram, discussed the future of the messaging service, particularly its financial prospects. Durov revealed that the company is considering an initial public offering (IPO) to unlock its value and provide wider access to investors. Despite receiving offers valuing the company at over $30 billion, Durov expressed interest in a US listing once Telegram becomes profitable, according to two unnamed sources cited by the Financial Times.
To raise funds, Telegram has already issued bonds worth $2 billion since 2021. Bondholders would receive a discounted price of 10-20% on the Telegram IPO if it takes place before March 2026. Durov also mentioned that Telegram may follow Reddit’s example by offering loyal users the opportunity to acquire shares during the IPO.
In a filing submitted to the US Securities and Exchange Commission (SEC) on March 11, Reddit announced its intention to raise $519 million through an IPO, with existing investors selling an additional 6.7 million shares, bringing the total fundraising to $748 million.
Telegram recently launched an advertising platform on the TON blockchain to further raise funds. Channel owners on Telegram can now receive 50% of the total advertising revenue generated from displaying ads on their channels.
With approximately 900 million users and a staff of around 50 employees, Telegram ranks as the fourth-largest messaging service in terms of user base, as reported by the Financial Times.
Notably, Durov previously co-founded Vkontakte, Russia’s most popular social media platform in 2007. In 2019, the SEC sued Telegram to halt its $1.7 billion initial coin offering for the launch of GRAM. Telegram eventually abandoned its plans and exited the TON Network in May 2020.
Magazine: The SEC’s actions against Telegram were seen as a significant setback, while its response to the COVID-19 crisis was praised in the crypto community.