From earlier this year, WSJ reported[0] telegram raised debt finance, and needed $700M, out of which 500M was just to return to TON investors. The article also

From earlier this year, WSJ reported[0] telegram raised debt finance, and needed $700M, out of which 500M was just to return to TON investors. The article also quotes Durov as claiming "A project of our size needs at least a few hundred million dollars per year to keep going". >To pay the bills, Mr. Durov is issuing investors $1 billion to $1.5 billion of company debt, with the promise of discounted equity if the company eventually goes public, the people briefed on the plans said. >To repay its creditors, Telegram is selling five-year bonds that pay roughly 7% or 8% a year Durov is rich, but he's not going to spend all his fortune on running Telegram and re-paying these investors. He's also refused to raise money via equity in telegram, so advertising is the only way to keep the lights on telegram. [0]: https://archive.md/mGtgp https://archive.md/mGtgp