Telegram CEO Pavel Durov announced Tuesday that the messaging platform issued $270 million in bonds this week to fund its growth until we reach the break-even point. The platform is not yet profitable and has rising expenses due to its massive growth, Durov said, as it’s onboarding 2.5 million new users a day and earlier this year hit 800 million monthly active users.
I personally bought about a quarter of the new Telegram bonds, investing tens of millions into Telegram’s growth, Durov said. This comes in addition to the hundreds of millions I spent over the last 10 years to keep Telegram operational.
The alternative messaging platform has long been a favorite among crypto enthusiasts, partly due to the company’s defunct efforts to launch its own crypto token, GRAM. While that effort ended in defeat as well as an SEC lawsuit, a related spinoff project continues under the name Toncoin.
Some people suggested I should have instead bought a house or a jet, Durov said. But I prefer to stay focused on my work, without ‘owning’ anything (well, apart from Telegram, some Bitcoin and some Toncoin). Toncoin jumped 1% following the announcement.