This bond offering was oversubscribed, and we were delighted to have global funds of the highest caliber with impeccable reputations as participants. The terms of the bonds (when adjusted for the Federal Reserve rate) were the most favorable for Telegram in the history of our company.
The main reason why we started to monetize is because we wanted to remain independent. Generally speaking, we see value in [an IPO] as a means to democratize access to Telegram's value.
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