Translated material
FT Reveals Telegram's Loss
THIS MATERIAL (INFORMATION) WAS PRODUCED AND DISTRIBUTED BY THE BELL FOREIGN AGENT OR RELATED TO THE ACTIVITIES OF THE BELL FOREIGN AGENT. 18+
The Financial Times has disclosed Telegram's financial performance for 2023: revenue of $342 million, operating loss of $108 million, loss after taxes of $173 million. Telegram is a private company and may not disclose financial statements. These figures were not known until now.
The FT claims that the Pavel Durov case could be a disaster for Telegram. With such indicators, the messenger’s IPO valuation of $30 billion, which the founder spoke about at the beginning of the year, is problematic in itself. In addition, the company has a debt of $2.4 billion, which is due to be repaid in two years. Telegram bonds have fallen below 90 cents on the dollar since Durov’s arrest. Holders complain that the company has not communicated with them since the arrest.
- Now the platform's connection with the sexual crimes from the Durov case could scare off advertisers, making it impossible to earn enough money from advertising, FT writes. "And all that will remain is a cryptocurrency scam and advertising for quick weight loss," says the publication's source in the market.
- A separate question about the company’s future is that it has only one core – Durov himself, who sees himself not as an owner or shareholder, but as a product leader. “It is still unclear how Durov is now going to manage the platform, and whether he will be able to hand it over to a small group of loyal subordinates, embedded in a corporate culture close to a cult,” notes the FT.
- The founder himself said that the Telegram team has only 50 people, including 30 developers. This is indeed true, the FT source confirms. Moreover, the team is not independent and is loyal to Durov, he makes all the decisions himself. "These are very young people, recruited from Eastern Europe, who were offered half a million dollars a year and who can soon be seen against the backdrop of a Porsche on social networks," the newspaper writes.