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Popular, and sometimes controversial, messaging app Telegram continues to grow exponentially, leading founder Pavel Durov to consider an IPO. According to reports, Telegram has hit 900 million users recently. This is quite the market share, as WhatsApp has only double this amount of active users. Considered a hotbed of freedom and unsavory activities, Telegram going public means the platform will likely continue to grow.
Telegram has always been controversial
The platform has always been controversial around the world. Some countries have outright banned Telegram. Most people don’t want to touch it; claiming it to be Kremlin-owned spyware. Founder and CEO Pavel Durov dismisses the claims and also reveals he had to flee Russia because of his platforms. Telegram and VK, both founded by Durov, were apparently asked to share the data of users with Russian agencies. Refusing to do so, Durov had to leave his motherland behind.
Despite the controversies, Telegram’s growth shows how popular it still is. The platform has genuinely helped journalists and reporters share on-the-ground footage from warzones. It has also led to civilians in such areas, like Ukraine, coordinating movements and other activities. The bad rap Telegram gets isn’t without reason, however. Due to the abundance of freedom allowed on the platform, users can find channels built for all sorts nasty reasons.
Telegram considers IPO to “remain independent”
Pavel Durov has revealed the company has been refusing offers to be bought. Instead, the platform is considering going public to “remain independent”. Durov also mentioned this approach would “democratize access to Telegram’s value”. He also revealed the company had been making hundreds of millions of dollars, and was nearing profitability.
Going public would mean retail investors could buy shares in the company. This would in turn skyrocket the value of the platform, allowing it to remain independent in accordance with Durov’s wishes. Speaking with the Financial Times, Durov said that Telegram had been given valuations of over $30 billion by global tech funds.
Going public might legitimatize Telegram in many people’s eyes, maybe leading to more users signing up. It will also open the company to regulatory constraints and maybe even restrict how it can operate. Reddit, a major platform, has also recently been preparing to go public. Though this move should help both companies, users are worried it will severely impact how the platforms function.