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"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. Telegram, which does little policing of its content, has also became a hub for Russian propaganda and misinformation. Many pro-Kremlin channels have become popular, alongside accounts of journalists and other independent observers. Crude oil prices edged higher after tumbling on Thursday, when U.S. West Texas intermediate slid back below $110 per barrel after topping as much as $130 a barrel in recent sessions. Still, gas prices at the pump rose to fresh highs. "There are several million Russians who can lift their head up from propaganda and try to look for other sources, and I'd say that most look for it on Telegram," he said. 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.
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