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Fortune

Catherine McGrath

Toncoin falls 7% as Elon Musk refutes Telegram founder’s claims of a $300 million xAI partnership

Elon Musk Telegram Pavel Durov X Toncoin XAI

(Credit: Chip Somodevilla—Getty Images)

Toncoin, the cryptocurrency tied to the Dubai-based messaging app Telegram, tumbled 7% on Thursday after tech billionaire Elon Musk denied news of a $300 million partnership between Telegram and xAI, a Musk-led AI company.

Toncoin jumped 21%, from $3.01 to $3.65, on Wednesday after an announcement by Telegram CEO Pavel Durov that he and Musk had reached an agreement to integrate xAI’s chatbot Grok into the messaging platform.

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