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> Reading back through some of the articles before this when the SEC intervened Telegram had raised 1.7 billion dollars off this.

I think I understand the "more in sadness than in anger" tone of the post better now too. They did fine for themselves didn't they.

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Not really. They have to return $1.2B (either in cash or equity) and their burn rate is high. Now they have to find a new business model before the runway runs out.

So they get to keep half a billion and never had to offer anything of value?

The amount they get to keep cake from accredited investors, so I don’t really feel any sympathy there.

They have to return the investments though,so I wouldn't say they "did fine". Back at square one, having spent a couple of years on a project.

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