Unlike Silicon Valley giants such as Facebook and Twitter, which run very public anti-disinformation programs, Brooking said: "Telegram is famously lax or absent in its content moderation policy." In addition, Telegram's architecture limits the ability to slow the spread of false information: the lack of a central public feed, and the fact that comments are easily disabled in channels, reduce the space for public pushback. 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 ugly—and 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 it’s on a sustainable path higher. Higher long-dated bond yields make future profits less valuable—and many tech companies are valued on the basis of profits forecast for many years in the future. Just days after Russia invaded Ukraine, Durov wrote that Telegram was "increasingly becoming a source of unverified information," and he worried about the app being used to "incite ethnic hatred." "The argument from Telegram is, 'You should trust us because we tell you that we're trustworthy,'" Maréchal said. "It's really in the eye of the beholder whether that's something you want to buy into."
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