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French prosecutors charged Telegram CEO With Allowing Criminal Activity

Posted on by darion

Telegram CEO Pavel Durov was charged on Wednesday by French authorities with encouraging illegal conduct on the messaging app and was put under formal investigation.

Take Away Points:

  • Telegram CEO Pavel Durov was accused by French prosecutors of encouraging illegal activities on the chat app.
  • Since being taken into French prison on Saturday, Durov has been questioned by law enforcement over investigations into fraud, organized crime, drug trafficking, and the dissemination of juvenile pornographic photos on the network.
  • The 39-year-old entrepreneur, who was born in Russia, has come under fire for allegedly doing nothing to stop illegal usage of his chat app and social media accounts.
  • Nvidia said Wednesday that its board of directors has approved a $50 billion stock buyback.

Durov charged in France

In a statement, the Paris Prosecutors’ Office said that Durov was indicted of all charges unveiled earlier this week in a statement from prosecutors. They included complicity in the administration of an online platform to enable an illicit transaction in an organized gang — a charge that, on its own, carries a maximum penalty of 10 years’ imprisonment and a 500,000 euro ($555,830) fine if someone is found guilty after trial.

Other charges included refusal to communicate, upon request from the authorized authorities, the information or documents necessary for the performance and exploitation of interferences authorized by law, enabling the dissemination of child pornography, drug trafficking, and fraud.

Since Saturday, Durov has been in French custody and faced question from legal authorities over an investigation into organized crime, drug trafficking, fraud, and the distribution of pornographic images of minors on the platform.

Durov has posted 5 million euros for bail, is under judicial supervision, cannot leave French territory, and has to report twice weekly to a police station, prosecutors said Tuesday.

The 39-year-old Russian-born billionaire has been accused of failing to mitigate the misuse of his social media and messaging platform for criminal activities.

EU laws and that CEO Durov has “nothing to hide,” adding “it is absurd to claim that a platform or its owner are responsible for abuse of that platform.

Nvidia announces $50 billion stock buyback

Nvidia said Wednesday that its board of directors has approved a $50 billion stock buyback.

The computer chip giant announced the share repurchase as part of its fiscal second-quarter earnings, in which it reported earnings and guidance that surpassed Wall Street expectations.

Nvidia returned $15.4 billion to shareholders in share repurposes and cash dividends as part of the company’s first half of fiscal 2025. The company said it had $7.5 billion remaining under its share repurchase plan as of the end of its fiscal second quarter.

Last year, Nvidia announced a $25 billion share buyback as part of its fiscal second-quarter results.

Companies often experience a boom to their stock price after revealing stock buyback plans.

With Nvidia’s shares dropping 4% in extended trading despite reporting solid financial results and announcing a stock buyback, some experts believe the company has been doing so well that it is getting harder to impress investors.

Second-quarter sales rose 122% year over year to $30.04 billion, while net income jumped 168% year over year to $16.6 billion, Nvidia said.

The company said it projects roughly $32.5 billion in third-quarter sales, topping analysts’ estimates of $31.7 billion.