The reduction of the previously known [(6‐Ph2P‐Ace‐5‐)Te]Cl with K‐selectride (K[sec‐Bu3BH]) provided the title compound (6‐Ph2P‐Ace‐5‐)2Te2 (1). The oxidation of 1 under aerobic conditions afforded the related (6‐Ph2P(O)‐Ace‐5‐)2Te2 (2). Alternatively, 2 was prepared by reduction of the previously known 6‐Ph2P(O)‐Ace‐5‐TeCl with K‐selectride. The reaction of 1 with [Cp(CO)2Fe]2 proceeded with cleavage of the Te–Te and Fe–Fe bonds with elimination of CO and gave rise to a racemic mixture of (6‐Ph2P‐Ace‐5‐)TeFe(CO)Cp (3), which contains pseudo‐tetrahedral Fe atoms in a chiral environment. Upon crystallization, the racemate most likely undergoes spontaneous resolution into a conglomerate of enantiopure crystals.