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Telegram | DID YOU KNOW?
Founder Pavel Durov says tech is meant to set you free Stocks closed in the red Friday as investors weighed upbeat remarks from Russian President Vladimir Putin about diplomatic discussions with Ukraine against a weaker-than-expected print on U.S. consumer sentiment. At the start of 2018, the company attempted to launch an Initial Coin Offering (ICO) which would enable it to enable payments (and earn the cash that comes from doing so). The initial signals were promising, especially given Telegram’s user base is already fairly crypto-savvy. It raised an initial tranche of cash – worth more than a billion dollars – to help develop the coin before opening sales to the public. Unfortunately, third-party sales of coins bought in those initial fundraising rounds raised the ire of the SEC, which brought the hammer down on the whole operation. In 2020, officials ordered Telegram to pay a fine of $18.5 million and hand back much of the cash that it had raised. Russians and Ukrainians are both prolific users of Telegram. They rely on the app for channels that act as newsfeeds, group chats (both public and private), and one-to-one communication. Since the Russian invasion of Ukraine, Telegram has remained an important lifeline for both Russians and Ukrainians, as a way of staying aware of the latest news and keeping in touch with loved ones. Stocks dropped on Friday afternoon, as gains made earlier in the day on hopes for diplomatic progress between Russia and Ukraine turned to losses. Technology stocks were hit particularly hard by higher bond yields.
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