What You Need to Know:
- Elon Musk clarified that no agreement is in place for bringing xAI’s Grok to Telegram, contradicting previous announcements.
- The suggestion of a partnership triggered a temporary increase in the price of TON, Telegram鈥檚 cryptocurrency.
- Following Musk’s remarks, the price of TON fell accordingly. Durov affirmed the lack of a signed agreement.
Telegram and X 1 have indeed not formalized a contract for introducing xAI’s Grok into their platform, even after Pavel Durov stated it had been agreed upon on Wednesday, which ultimately led to a sell-off of TON鈥檚 value.
The proposed arrangement would have allowed Telegram to earn 50% of revenue from xAI subscription sales on its platform, in addition to a cash and equity injection of $300 million, amidst Telegram鈥檚 initiative to secure $1.5 billion via a bond issuance supported by organizations like BlackRock, Mubadala, and Citadel, reports CoinDesk.
Quote: 馃敟 This summer, Telegram users will gain access to the best AI technology on the market. @elonmusk and I have reached an agreement for a 1-year partnership to integrate xAI鈥檚 @grok across all Telegram apps 馃
“No deal has been signed,” xAI CEO Elon Musk posted late Wednesday, countering Durov’s earlier announcement.
Following this, the price of TON fell from $3.60 to $3.28 within moments of Musk鈥檚 tweet, after a notable performance that had seen it rise by 14% earlier on that day, according to CoinDesk market tracking.
Pavel Durov subsequently acknowledged Musk’s assertion on X, confirming, “Agreed in principle, but formalities are pending,” he tweeted.
