This is wrong.
For quite some time now it has been allowed to be upto 2mb in filesize. I have tested and used it a lot and it still works perfectly fine - 250x80px is still the width x height though.
Edit:
As an example there is this one I did a model:
:shezasweetiedice (1.98mb and it works fine in the chat every time, she ha multiple others too that I did that are over 1mb)