According to Pavel Durov, the CEO of the well-liked but still-unprofitable company, “I personally purchased about a quarter of the new Telegram bonds.”
This week, messaging app Telegram issued $270 million in bonds to finance its expansion until “we reach the break-even point,” the company’s CEO Pavel Durov said on Tuesday.
Due to its “massive growth,” the platform is not yet profitable and is incurring increasing costs: it is adding 2.5 million new users per day and reached 800 million monthly active users earlier this year.
“I personally invested tens of millions in the growth of Telegram by purchasing roughly 25% of the new Telegram bonds. This is on top of the hundreds of millions of dollars I’ve invested over the past ten years to keep Telegram running, added Durov.
Among crypto fans, the alternative messaging service has long been a favorite. That’s largely due to the business’s failed attempts to introduce its own cryptocurrency token, GRAM. Even though that endeavor failed and was sued by the SEC, a related spinoff project known as Toncoin is still ongoing.
Durov stated, “Some people claimed I ought to have bought a mansion or a jet instead. However, I would rather remain productive by not “owning” anything (apart from Telegram, a small amount of Bitcoin, and a small amount of Toncoin).
Following the news, Toncoin increased 1%.