Telegram's plans for an IPO have hit a snag following founder Pavel Durov’s arrest in France last month. Despite claims of a $30 billion valuation, financial statements filed in the British Virgin Islands reveal only $342 million in revenue and a $259 million net loss for 2023.
Telegram's largest revenue source was its crypto business, contributing $130 million, but its digital assets exceed its cash reserves. Durov faces serious charges, including allowing illicit transactions and the dissemination of child pornography, which could result in a 10-year prison sentence. These developments cast doubt on Telegram's financial health and future growth prospects.
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