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Pavel Durov Told why Bondholders do not Influence Telegram

Owning bonds does not imply any significant leverage, let alone "friendship" with bondholders. Telegram bonds are a form of debt that any investor can now buy on the secondary market, none of these investors have received any rights to use Telegram or influence its policies.

"This is inaccurate. Owning bonds doesn't imply any meaningful leverage, neither does "being friends" with someone who owns bonds. Telegram bonds are a form of debt which any investor can now buy on the secondary market; none of these investors obtain any rights in managing Telegram or affecting its policies.

A bond issuance is very different from an equity sale in which investors get voting shares, board seats etc. This is why - as I pointed out in my latest post - issuing bonds allowed Telegram to raise funds without sacrificing its independent nature."

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