Billionaire entrepreneur Elon Musk has denied claims by Telegram CEO Pavel Durov about a significant partnership involving xAI’s chatbot, Grok. Musk clarified that no official deal has been signed between his AI venture and the messaging platform. This came just hours after Durov revealed what appeared to be a signed agreement, which included significant financial terms. Elon Musk Says “No Deal” On May 28, Pavel Durov announced that Telegram would soon launch Grok, an AI chatbot created by Musk’s company, xAI. He claimed the deal included $300 million in cash and an equity package. Telegram, which holds over $400 million in crypto , would receive 50% of the money from Grok app subscriptions. However, Elon Musk quickly responded in a X post, saying the deal was not final. Musk, who recently resigned from a major government role , clarified that the agreement is not yet cast in stone. His statement caused people to question if the deal was happening. Later, Durov confirmed that they had only agreed to it in principle and were still working on the final details. Toncoin Price Spikes, Then Falls Shortly after Durov’s announcement, Toncoin, the cryptocurrency linked to Telegram’s blockchain network, jumped nearly 19% to $3.55. Investors were excited by the partnership news and the promise of adding new technology to Telegram. However, when Musk denied the deal, the token price dropped sharply. According to CoinMarketCap data, it is currently at $3.35, down 3.51% in the last 24 hours. Before now, Toncoin had been doing well in the crypto market. In March, its open interest (OI) saw a significant uptick after speculation intensified over Pavel Durov’s departure from France. Telegram’s Big Fundraising Move Ever since Telegram CEO Evan Spiegel regained his freedom after being detained for six months following his August 2024 arrest, he has been making big moves. The Grok AI news came just as Telegram shared another major update. It plans to raise $1.5 billion through a new bond sale. The funding raised will help Telegram buy back older debt from 2021. According to The Wall Street Journal, big firms like Citadel, BlackRock, and Mubadala could be part of the new funding round. While the idea of Grok AI coming to Telegram is still on the table, nothing is official yet. Investors and users think this will be an innovative step for the top messaging app. The post Elon Musk Denies Telegram and Grok AI Deal, Sparking Debate appeared first on TheCoinrise.com .
