Key Points
- Telegram CEO Pavel Durov has held hundreds of millions of dollars in fiat or bitcoin for the past decade.
- Durov prefers focusing on influencing how people communicate over materialistic pursuits, and expects secure hardware communication devices to emerge.
Pavel Durov, co-founder and CEO of Telegram, revealed in a recent interview with Tucker Carlson that he has been holding several hundred million dollars in his bank account or in bitcoin for the past 10 years.
Remaining Independent
When asked about Telegram’s decision not to accept venture capital, Durov explained that the company aimed to maintain its independence. He emphasized that it was never about the money, and he prefers to focus on what they are doing with Telegram rather than indulging in a luxurious lifestyle.
The exact amount of his wealth held in bitcoin as compared to his bank account remains unspecified. As of July 2023, it was reported that Durov held $17.5 billion in cryptocurrency.
Durov also noted that Telegram did accept outside funds following a bond issuance three years ago and had a cryptocurrency project that raised funds. However, when it came to the company’s equity, Durov and his co-founder brother Nikolai maintained ownership, arguing it allowed them to move faster and be more efficient.
Telegram’s Journey
Telegram was initially developed as the Telegram Open Network in 2017, raising $1.7 billion in a private sale before the project was abandoned due to SEC investigations. In 2022, open-source developers rebranded the blockchain as The Open Network with a functional mainnet.
The idea for Telegram was conceived when the Durov brothers were working on their social networking platform VK in Russia. They recognized the need for a secure communication tool, leading to the creation of Telegram. Today, Telegram boasts nearly 900 million users, with no expenditure on advertisements.
In the context of increasing government surveillance of technology, Durov predicted the creation of new secure hardware communication devices, similar to the hardware wallets used to store cryptocurrency. He also mentioned Telegram’s recent introduction of an ad revenue-sharing program with channel owners using Toncoin in nearly 100 countries, and the enablement of Toncoin payments for in-platform ad purchases.