Telegram weighs US$2 billion bond sale to refinance 2021 debt
The messaging service's managers are holding discussions on offering the new notes with a number of interested parties, said the sources, who declined to be identified because they are not authorised to speak publicly. The proceeds may be used to refinance a US dollar bond due next March.
With one billion active users, Telegram has drawn the ire of authorities from the European Union to Iran over content shared on its platform and its unresponsiveness to takedown requests.
Billionaire founder Pavel Durov, 40, was charged in August by French authorities, who claim he was complicit in allowing crimes to be committed on the app. He's denied the charges.
Telegram sold its first bond several years after Russian-born Durov relocated to Dubai in the United Arab Emirates, with Abu Dhabi's Mubadala Investment as an investor in the offering. The yield on the US$2.35 billion of notes soared to 17.3 per cent after Durov was briefly detained for questioning but has since dropped to under 8 per cent.
Telegram's total revenue surpassed US$1 billion in 2024, and it had more than US$500 million in cash reserves, not including crypto assets, Durov said in December, highlighting that the company had become profitable.
'What makes the difference is our bondholders: some of the world's most reputable global funds,' he said in March. 'Their continued support helps Telegram stay independent and grow stronger in any economic environment.'
Telegram's press service did not reply to multiple requests for comment. BLOOMBERG
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
an hour ago
- Business Times
Nvidia set to become world's most valuable company in history
[OAKLAND, CALIFORNIA] Nvidia was on track to become the most valuable company in history on Thursday (Jul 3), with the chipmaker's market capitalisation reaching US$3.92 trillion as Wall Street doubled down on optimism about AI. Shares of the leading designer of high-end AI chips were up 2.2 per cent at US$160.6 in morning trading, giving the company a higher market capitalisation than Apple's record closing value of US$3.915 trillion on Dec 26, 2024. Nvidia's newest chips have made gains in training the largest artificial-intelligence models, fuelling demand for products by the Santa Clara, California, company. Microsoft is currently the second-most valuable company on Wall Street, with a market capitalisation of US$3.7 trillion as its shares rose 1.5 per cent to US$498.5. Apple rose 0.8 per cent, giving it a market value of US$3.19 trillion, in third place. A race among Microsoft, Meta Platforms, Alphabet and Tesla to build AI data centres and dominate the emerging technology has fuelled insatiable demand for Nvidia's high-end processors. 'When the first company crossed a trillion US dollars, it was amazing. And now you're talking four trillion, which is just incredible. It tells you that there's this huge rush with AI spending and everybody's chasing it right now,' said Joe Saluzzi, co-manager of trading at Themis Trading. The stock market value of Nvidia, whose core technology was developed to power video games, has increased nearly eight-fold over the past four years, from US$500 billion in 2021. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Nvidia is now worth more than the combined value of the Canadian and Mexican stock markets, according to LSEG data. The tech company also exceeds the total value of all publicly listed companies in the United Kingdom. Nvidia recently traded at about 32 times analysts' expected earnings for the next 12 months, below its average of about 41 over the past five years, according to LSEG data. That relatively modest price-to-earnings valuation reflects steadily increasing earnings estimates that have outpaced Nvidia's sizable stock gains. The company's stock has now rebounded more than 68 per cent from its recent closing low on Apr 4, when Wall Street was reeling from President Donald Trump's global tariff announcements. US stocks, including Nvidia, have recovered on expectations that the White House will cement trade deals to soften Trump's tariffs. Nvidia holds a weight of nearly 7.4 per cent on the benchmark S&P 500 . AI poster child Nvidia's swelling market capitalisation underscores Wall Street's big bets on the proliferation of generative AI technology, with the chipmaker's hardware serving as the foundation. Co-founded in 1993 by CEO Jensen Huang, Nvidia has evolved from a niche company popular among video game enthusiasts into Wall Street's barometre for the AI industry. The stock's recent rally comes after a slow first half of the year, when investor optimism about AI took a back seat to worries about tariffs and Trump's trade dispute with Beijing. Chinese startup DeepSeek in January triggered a sell-off in global equities markets with a cut-price AI model that outperformed many Western competitors and sparked speculation that companies might spend less on high-end processors. In November of last year, Nvidia took over the spot on the Dow Jones Industrial Average formerly occupied by chipmaker Intel, reflecting a major shift in the semiconductor industry towards AI-linked development and the graphics processing hardware pioneered by Nvidia. REUTERS
Straits Times
3 hours ago
- Straits Times
Hamas warns Palestinians against cooperating with US-backed Gaza Humanitarian Foundation
Sign up now: Get ST's newsletters delivered to your inbox The Hamas-run interior ministry in Gaza on July 3 warned residents of the coastal enclave not to assist the US-and Israeli-backed Gaza Humanitarian Foundation, saying deadly incidents near its food distribution sites endangered hungry Gazans. 'It is strictly forbidden to deal with, work for, or provide any form of assistance or cover to the American organisation (GHF) or its local or foreign agents,' an interior ministry statement said. 'Legal action will be taken against anyone proven to be involved in cooperation with this organisation, including the imposition of the maximum penalties stipulated in the applicable national laws,' it added, without giving further details. The GHF did not immediately reply to a request for comment. The organisation has previously said Hamas fabricated accusations against it. In a post on social media platform X late on J uly 2 it accused the militant group of: 'a deliberate campaign to prevent aid from flowing to the people of Gaza outside of Hamas control'. The GHF began distributing food packages in Gaza at the end of May, overseeing a new model of deliveries which the United Nations says is neither impartial nor neutral. Since Israel lifted an 11-week aid blockade on Gaza on May 19, the United Nations says more than 400 Palestinians have been killed while seeking handouts of aid. Top stories Swipe. Select. Stay informed. Singapore 193ha of land off Changi to be reclaimed for aviation park; area reduced to save seagrass meadow Business More Singapore residents met CPF Required Retirement Sum when they turned 55 in 2024 Singapore PAP questions Pritam's interview with Malaysian podcast, WP says PAP opposing for the sake of opposing Singapore 1 in 4 appeals to waive HDB wait-out period for private home owners approved since Sept 2022 World Liverpool's Portuguese forward Diogo Jota dies in car crash in Spain Singapore Healthcare facility planned for site of Ang Mo Kio Public Library after it moves to AMK Hub Singapore $500 in Child LifeSG credits, Edusave, Post-Sec Education Account top-ups to be disbursed in July Business 60 S'pore firms to get AI boost from Tata Consultancy as it launches new innovation centre here A senior UN official said on June 29 that the majority of people killed were trying to reach aid distribution sites of the Gaza Humanitarian Foundation. Israel's military acknowledged on June 30 that Palestinian civilians had been harmed near the distribution centres and that its forces had been issued with new instructions following what it called 'lessons learned'. Israel has said its forces operate near the centres in order to prevent the aid from falling into the hands of militants, which Hamas denies. More than 170 international humanitarian groups signed a letter this week calling on governments to press Israel to end use of the GHF to deliver aid and return to letting in aid mainly through UN-run channels. The GHF has said it has delivered more than 52 million meals to hungry Palestinians in five weeks, while other humanitarian groups had 'nearly all of their aid looted'. REUTERS
CNA
4 hours ago
- CNA
Trump tariffs: US announces deal to lower levies on Vietnam to 20% from 46%
China has warned against trade deals that hurt what it calls "third parties", a pointed message just hours after the US sealed an agreement with Vietnam. The new deal slashes tariffs on Vietnamese exports to 20 per cent, down from the 46 per cent Washington had initially threatened. But it also includes a steeper 40 per cent levy, targeting goods originating elsewhere but shipped through Vietnam - an indirect hit at Chinese products. Jagruti Dave reports from Washington DC.
