Every day, over 2.5 million new users sign up for Telegram, and earlier this year we’ve surpassed 800 million monthly active users. We are happy and grateful, even though this massive growth also means higher expenses on storage and traffic to serve our users. Luckily, Telegram is super efficient when it comes to expenses and we had a great start with monetization last year. While not yet profitable (which would be impossible to reach on just the second year of monetization), Telegram is closer to profitability in absolute numbers than its competitors such as Twitter and Snap. To fund Telegram’s continued growth until we reach the break-even point, this week we issued around $270 million worth of Telegram bonds as a tap of our existing bonds. Once again we've been lucky to have the participation of well-known funds with stellar reputations. I personally bought about a quarter of the new Telegram bonds, investing tens of millions into Telegram’s growth. This comes in addition to the hundreds of millions I spent over the last 10 years to keep Telegram operational. Some people suggested I should have instead bought a house or a jet. But I prefer to stay focused on my work, without “owning” anything (well, apart from Telegram, some Bitcoin and some Toncoin). Hundreds of millions of people signed up for Telegram because they wanted an independent messaging platform that would put its users first. It is my responsibility – and my life’s work – to keep delivering this platform.