Elon Musk contradicts Telegram’s $300M xAI partnership announcement: ‘No deal has been signed’
American billionaire entrepreneur and Tesla boss Elon Musk stated that no formal agreement has been signed between his AI venture, xAI, and messaging platform Telegram regarding the integration of Grok AI on the private messaging app, contradicting earlier remarks from Telegram CEO Pavel Durov.On Wednesday, Durov announced that Telegram would integrate Grok, xAI’s chatbot, across its social platform and receive a share of the revenue. He said the partnership included a $300 million cash-and-equity package and 50% of xAI subscription sales made through Telegram.“No deal has been signed,” Musk replied to Durov’s post on X. Telegram’s chief later confirmed Musk's statement, claiming that the agreement was reached in principle pending final documentation.Following a wave of positive developments, Toncoin (TON), the network’s native token, surged 18.7% to $3.55 on Wednesday, before pulling back to $3.35 after Musk’s clarification, per The Block’s price page.Durov shared the announcement shortly after news of Telegram’s plans to raise $1.5 billion through a new bond issuance. Telegram will repurchase debt issued in 2021 using the fresh cash. The sale, reported by The Wall Street Journal, would allow participation from new investors, such as Citadel, and existing backers, including BlackRock and Abu Dhabi-owned investment firm Mubadala. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.