🚨📉 Telegram in danger: Dream IPO collapses as CEO faces criminal charges! 📉🚨
Telegram’s financial future is now in jeopardy! The company’s ambitions for a highly anticipated initial public offering (IPO) within two years are seriously threatened by criminal charges against its CEO, Pavel Durov.
According to exclusive documents obtained by the Financial Times, Durov, who is currently in custody in France, has rejected offers from investors who valued Telegram at more than $30 billion. Telegram’s financial statements for 2023 show revenue of $342 million but operating losses of $108 million, bringing total after-tax losses to about $173 million.
Telegram founder and CEO Pavel Durov is under formal investigation in France for organized criminal activity on the messaging platform, according to Paris prosecutors. Durov, although under judicial supervision, has been ordered to post bail of €5 million.
Telegram’s troubles are compounded by the plummeting value of its bonds. After Durov’s arrest, Telegram’s bond prices fell nearly 10 percentage points, now trading around 87 cents on the dollar. That makes it harder to convert debt into equity at a discount before a potential IPO.
And that’s not all! Durov’s cryptocurrency fortune, particularly Toncoin ($TON ), has also taken a hit, with TON’s price dropping by over 20% this week. In 2024, Telegram sold TON worth over $244 million, mostly to Russian investors.
The uncertain climate around Telegram may well offer opportunities for those willing to buy at a discount, but a quick recovery seems unlikely. 🌟💸
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