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This provided opportunity to their linked entities to offload their shares at higher prices and make significant profits at the cost of unsuspecting retail investors. Pavel Durov, Telegram's CEO, is known as "the Russian Mark Zuckerberg," for co-founding VKontakte, which is Russian for "in touch," a Facebook imitator that became the country's most popular social networking site. The news also helped traders look past another report showing decades-high inflation and shake off some of the volatility from recent sessions. The Bureau of Labor Statistics' February Consumer Price Index (CPI) this week showed another surge in prices even before Russia escalated its attacks in Ukraine. The headline CPI — soaring 7.9% over last year — underscored the sticky inflationary pressures reverberating across the U.S. economy, with everything from groceries to rents and airline fares getting more expensive for everyday consumers. "And that set off kind of a battle royale for control of the platform that Durov eventually lost," said Nathalie Maréchal of the Washington advocacy group Ranking Digital Rights. Oleksandra Matviichuk, a Kyiv-based lawyer and head of the Center for Civil Liberties, called Durov’s position "very weak," and urged concrete improvements.
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