Elon Musk Denied the News! Toncoin (TON) Price Rose Quickly and Then Fell!

In news that emerged last night, it was claimed that Elon Musk has signed a one-year partnership agreement with Telegram to offer the Grok chat bot to Telegram users and to integrate it into the application.

Under the agreement, xAI will pay Telegram a total of 300 million dollars in cash and shares. Additionally, it was stated that Telegram will receive 50% of the revenue generated from Grok subscription sales made through the platform.

However, Elon Musk made a statement regarding the allegations about the agreement and denied the claims that xAI made an official agreement with Telegram.

According to a report by Block, Elon Musk stated that his company has not formed an official partnership with Telegram to integrate its Grok AI chatbot into the messaging platform.

Musk "No agreement has been signed" made a statement, while Telegram's CEO responded to Musk's statement with "True. We have agreed in principle, but the formalities are not yet complete."

Telegram's local token Toncoin (TON) experienced an increase of up to 19% following yesterday's news of the agreement. However, following Musk's statement, TON pulled back and fell to $3.33, a decrease of approximately 7%.

Telegram surpassed 1 billion monthly users by 2025. According to the Wall Street Journal, the company is also preparing to raise new funds with a $1.5 billion bond issuance. The app is being heavily used by government officials and the military, especially in countries like Russia and Ukraine.

*This is not investment advice.

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