Forbes: Pavel Durov’s net worth drops by more than half in a year

According to the latest ranking by Forbes, the net worth of Telegram founder Pavel Durov has declined significantly over the past year, falling from $17.1 billion to $6.6 billion.

The sharp drop, more than 2.5 times, is linked by analysts to weaker market conditions and a reassessment of Telegram’s valuation in comparison with its competitors.

One of the key benchmarks used for the more conservative valuation is the American social platform Snapchat. Although Telegram has already surpassed Snapchat in terms of monthly active users, more than 1 billion versus 946 million, the messenger’s financial performance remains more modest.

Snap reported $5.9 billion in revenue for 2025, nearly three times higher than Telegram’s estimated revenue of about $2 billion. At the same time, Snap’s own market capitalization fell almost by half over the past year, dropping to $8.7 billion, which directly influenced Telegram’s revised valuation.

Financial obligations have also played a role in the reassessment of Durov’s wealth. On March 22, 2026, the entrepreneur is expected to repay the remaining balance of roughly $1.1 billion from the first issuance of Telegram bonds.

Last June, Durov partially refinanced the company’s debt by issuing $1.7 billion in new bonds at a higher interest rate — 9% instead of 7%. The market interpreted the move as a signal of increased financial risk. Some analysts believe that to settle the obligations, Durov could transfer part of his stake in Telegram directly to large investment funds, such as BlackRock or Abu Dhabi investors, without a public offering.

As for a potential IPO, Forbes suggests that a public listing is unlikely in the near future. Investment bankers note that Telegram’s current valuation is significantly below the $30 billion figure previously mentioned by Durov. The situation is further complicated by restrictions on the platform in key markets, particularly Russia and Iran, making the timing unfavorable for a listing.