Telegram’s financial stability appears unaffected by the legal issues surrounding its CEO, Pavel Durov.
Despite his recent detention in Paris, the messaging giant reported significant growth in its digital assets, largely driven by a surge in cryptocurrency holdings.
The company’s unaudited financial records for the first half of 2024, seen by the Financial Times, show a sharp increase in the value of Telegram’s crypto reserves, which climbed to $1.3 billion, up from nearly $400 million at the end of 2023.
This financial buffer has provided some relief to Telegram following Durov’s legal challenges.
In August, Telegram was shaken by the news that Durov had been detained by French authorities.
He faces several preliminary charges, including allegations of failing to tackle criminal activity on the platform, with one charge carrying a potential 10-year prison sentence.
Durov remains on bail, and while the charges are directed at him personally rather than the company, Telegram made it clear in its investor disclosures that the situation has had no “material impact” on its operations.
The company stressed that the legal issues had not disrupted its business activities.
Telegram’s growing financial buffer is largely thanks to its digital asset portfolio.
As of June 2024, the company made $525 million in revenue for the first half of the year, marking a 190 per cent increase from the same period in 2023.
A substantial portion of this revenue—around $225 million—came from a one-time deal with an undisclosed party.
In exchange for allowing Toncoin, Telegram’s cryptocurrency, to serve as the exclusive payment method for small business ads on the platform, Telegram received significant remuneration.
However, this exclusivity agreement was terminated in October, as indicated in the investor documents.
Toncoin, developed by Telegram but later transitioned to an open-source project, has seen its market value fluctuate amid Durov’s legal issues.
Despite these changes, Telegram maintains a significant holding of Toncoins and is exposed to the volatility of its market price.
The digital currency has dropped by roughly 10 per cent since Durov’s detention.
As of writing, TON token is trading at $6.17, marking a 1.06% gain in the last 24 hours.
Telegram has sold a considerable amount of Toncoin, amounting to $348 million since June 2024, while also benefiting from a $353 million boost in digital asset sales during the same period.
Telegram’s financial results show remarkable growth, with the company posting a $335 million post-tax profit in the first half of 2024.
This is a sharp contrast to its losses of $173 million in 2023, suggesting that Telegram may be on track to achieve its first annual profit.
However, experts have raised concerns about the platform’s future ability to generate advertising revenue, especially given its ongoing association with controversial content such as child sexual abuse material and terrorism-related content.
While Telegram has defended its content moderation practices and committed to expanding its moderation team, it faces an uphill battle in convincing advertisers to invest in the platform.
Telegram remains heavily reliant on external funding, with $2.4 billion in debt financing set to mature in 2026.
In September 2024, the company used part of its proceeds to repurchase some of its bonds for $124.5 million, but its bonds continue to trade below face value.
Despite these challenges, Telegram’s monetisation efforts appear to be gaining momentum.
Revenue from advertising has surged, with Telegram recording $120 million from ads in the first half of 2024.
Premium subscriptions also contributed $119 million, a significant jump from $32 million in the same period in 2023.
While the company has made strategic moves in the cryptocurrency market, it remains focused on growing its advertising and subscription revenues as the primary drivers of its long-term business model.
A source close to the company told the Financial Times that Telegram’s cryptocurrency divestment strategy was tactical rather than part of a long-term business plan.
The company has profited from favourable market conditions, selling off some of its cryptocurrency reserves to bolster its financial standing.
However, Telegram’s primary focus remains on ads and premium subscriptions as the pillars of its future monetisation strategy.
The company’s continued push for growth through these avenues, alongside the financial cushion from its digital assets, positions Telegram to weather the storm of Durov’s legal troubles.
However, the platform’s ability to maintain its advertising revenue stream, amid mounting regulatory pressures, remains a key factor in determining its future stability.
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