Skip to main content

Market Overview

Telegram App Attracts $150M Abu Dhabi Fund Investment: Reuters

Share:

Abu Dhabi state fund, Mubadala Investment Co invested $75 million in five-year, pre-initial public offering (IPO) bonds of Telegram messaging app, while Abu Dhabi Catalyst Partners, part-owned by Mubadala, invested a further $75 million, Reuters reports.

  • Telegram and Signal messaging apps noted a spike in the 2021 user base amid privacy concerns with Facebook Inc (NASDAQ: FB)-owned WhatsApp.
  • Launched in 2013, Telegram had 500 million monthly users as per Abu Dhabi Catalyst Partners.
  • Telegram, already headquartered in the United Arab Emirates, would open an office in Abu Dhabi following the new investment.
  • Abu Dhabi Catalyst Partners was a Mubadala joint venture with U.S. investment company Falcon Edge Capital. Mubadala contributed $15 billion to SoftBank Group Corp (OTC: SFTBY) (OTC: SFTBF) $100 billion Vision Fund in 2017. Mubadala last year acquired a 1.85% stake in Reliance Industries’ digital unit, Jio Platforms, for $1.2 billion.
  • Price action: FB shares traded lower by 0.75% at $291.38 in the premarket session on the last check Tuesday.
 

Related Articles (SFTBF + FB)

View Comments and Join the Discussion!

Posted-In: Reuters TelegramNews Tech Media

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com