News reported last night that Elon Musk's artificial intelligence startup xAI had signed a one-year partnership agreement with Telegram to offer the Grok chatbot to Telegram users and integrate it into the application. Under the agreement, xAI will pay Telegram a total of $300 million in cash and stock, while Telegram will also receive 50% of the revenue from Grok subscription sales made through the platform. However, Elon Musk made a statement about the agreement allegations and denied the claims that xAI and Telegram had made an official agreement. Elon Musk said that his company has not entered into a formal partnership with Telegram to integrate its Grok AI chatbot into the messaging platform, The Block reported. While Musk stated that “No agreement has been signed,” Telegram CEO responded to Musk's statement by saying, “True. We have agreed in principle, but the formalities are not over yet.” Telegram’s native token Toncoin (TON) surged by as much as 19% following news of the deal yesterday. However, TON pulled back after Musk’s statement, falling nearly 7% to $3.33. Telegram is set to reach 1 billion monthly users by 2025. The company is also preparing to raise new funds with a $1.5 billion bond issue, according to the Wall Street Journal. The app is heavily used by government officials and the military, especially in countries like Russia and Ukraine. *This is not investment advice.