Elon Musk’s Alleged TON Deal Denied by Both CEOs

Elon Musk and Telegram CEO Pavel Durov confirmed no finalized deal between xAI and the TON blockchain on May 29, 2025.

The event exemplifies market volatility driven by rumors and highlights the dynamics of speculation in cryptocurrency markets.

Musk and Durov Deny xAI and TON Partnership

Initial reports of an agreement between Elon Musk’s xAI and TON Blockchain led to significant market speculation. Although discussions took place, both parties stated that no binding contract has been signed.

Elon Musk and Pavel Durov have clarified that they are in agreement on principles only, without a finalized contract. The rumor-induced surge quickly corrected upon receiving official statements.

TON Price Plummets After Rumor Clarification

The speculation significantly affected the TON token, which initially rallied by as much as 16% before dropping sharply. Market participants reacted swiftly to the official denials. “No deal has been signed,” Musk stated.

Musk’s statement brought about a significant correction in TON’s market cap, which dropped by $360 million. Traders and investors are now awaiting more concrete developments.

Celebrity Influence Sparks Crypto Market Volatility

This incident mirrors previous instances where Musk’s comments influenced the market, including Dogecoin price surges. Such events highlight the role of celebrity influence on cryptocurrency markets.

Potential outcomes depend on future confirmations or denials. Continued speculation could lead to further volatility in assets associated with high-profile figures like Musk.