{"id":16564,"date":"2024-08-30T18:20:23","date_gmt":"2024-08-30T15:20:23","guid":{"rendered":"https:\/\/forklog.com\/en\/financial-times-reveals-telegrams-financial-losses\/"},"modified":"2024-08-30T18:20:23","modified_gmt":"2024-08-30T15:20:23","slug":"financial-times-reveals-telegrams-financial-losses","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/financial-times-reveals-telegrams-financial-losses\/","title":{"rendered":"Financial Times Reveals Telegram’s Financial Losses"},"content":{"rendered":"

In 2023, Telegram reported an operating loss of $108 million, which increased to $173 million after taxes. Revenue amounted to $342 million, according to Financial Times<\/a> (FT).<\/p>\n

Journalists noted that as a private company wholly owned by Pavel Durov, Telegram is not obliged to disclose its financial statements.<\/p>\n

The platform partially offset its 2023 losses by revaluing digital assets on its balance sheet. According to FT, in 2024, the company sold Toncoin (TON) tokens from a supported blockchain project for $244 million.<\/p>\n

The price of the coins dropped by approximately 20% following Durov’s arrest in France on August 24.<\/p>\n

Sources cited by the publication suggest that the financial results, combined with the charges against the messenger’s founder, cast doubt on the considered<\/a> plans for an IPO<\/span> valued at $30 billion.<\/p>\n

The company has raised a total of $2.4 billion in debt financing, which must be repaid by 2026.<\/p>\n

This sum includes a $1 billion bond issuance in 2021 with participation from Abu Dhabi state funds. In March 2024, Telegram sold similar bonds for $330 million<\/a>. According to Durov, the round was oversubscribed.<\/p>\n

In 2023, he personally purchased at least $64 million worth of the company’s bonds. Previously, the entrepreneur stated that he had invested “hundreds of millions of dollars” in the platform’s development.<\/p>\n

Telegram’s debt securities fell by nearly 10% following Durov’s arrest and are trading at $0.87 compared to $0.96 before his arrival in Paris.<\/p>\n

FT noted that it remains unclear how the entrepreneur will continue to manage the platform.<\/p>\n

According to Durov, Telegram’s staff consists of approximately 50 employees, 30 of whom are “competitively selected programmers,” mainly from Ukraine.<\/p>\n

The publication described the company’s workers as “super-young” Eastern European individuals with annual salaries of half a million dollars, who soon after hiring post “photos of their Porsches” on social media.<\/p>\n

\n

“We have virtually zero turnover. They share the same values and believe in the company’s mission,” FT quotes Durov.<\/p>\n<\/blockquote>\n

He emphasized that he is the main decision-maker for the platform’s development but positions himself more as a product leader rather than an owner or “someone else.”<\/p>\n

\n

“No functionality has been launched without my deep involvement,” the entrepreneur added.<\/p>\n<\/blockquote>\n

According to Alexander Urman, a researcher at the University of Zurich, such a centralized management style raises questions about whether “Telegram will survive without Pavel.”<\/p>\n

French authorities issued arrest warrants for the entrepreneur and his brother Nikolai Durov back in March, according to Politico.<\/p>\n","protected":false},"excerpt":{"rendered":"

In 2023, Telegram reported an operating loss of $108 million, which increased to $173 million after taxes. Revenue amounted to $342 million, according to Financial Times (FT). Journalists noted that as a private company wholly owned by Pavel Durov, Telegram is not obliged to disclose its financial statements. The platform partially offset its 2023 losses […]<\/p>\n","protected":false},"author":1,"featured_media":16563,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1423,723],"class_list":["post-16564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-pavel-durov","tag-telegram"],"aioseo_notices":[],"amp_enabled":true,"views":"63","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16564","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=16564"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16564\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/16563"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=16564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=16564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=16564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}