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"Markets were cheering this economic recovery and return to strong economic growth, but the cheers will turn to tears if the inflation outbreak pushes businesses and consumers to the brink of recession," he added. And indeed, volatility has been a hallmark of the market environment so far in 2022, with the S&P 500 still down more than 10% for the year-to-date after first sliding into a correction last month. The CBOE Volatility Index, or VIX, has held at a lofty level of more than 30. Now safely in France with his spouse and three of his children, Kliuchnikov scrolls through Telegram to learn about the devastation happening in his home country. Telegram was founded in 2013 by two Russian brothers, Nikolai and Pavel Durov. On Telegram’s website, it says that Pavel Durov “supports Telegram financially and ideologically while Nikolai (Duvov)’s input is technological.” 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.
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