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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. On Telegramās website, it says that Pavel Durov āsupports Telegram financially and ideologically while Nikolai (Duvov)ās input is technological.ā Currently, the Telegram team is based in Dubai, having moved around from Berlin, London and Singapore after departing Russia. Meanwhile, the company which owns Telegram is registered in the British Virgin Islands. Pavel Durov, a billionaire who embraces an all-black wardrobe and is often compared to the character Neo from "the Matrix," funds Telegram through his personal wealth and debt financing. And despite being one of the world's most popular tech companies, Telegram reportedly has only about 30 employees who defer to Durov for most major decisions about the platform. That hurt tech stocks. For the past few weeks, the 10-year yield has traded between 1.72% and 2%, as traders moved into the bond for safety when Russia headlines were uglyāand out of it when headlines improved. Now, the yield is touching its pandemic-era high. If the yield breaks above that level, that could signal that itās on a sustainable path higher. Higher long-dated bond yields make future profits less valuableāand many tech companies are valued on the basis of profits forecast for many years in the future. "This time we received the coordinates of enemy vehicles marked 'V' in Kyiv region," it added.
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