🌎 World & Economics

The Enigmatic Billionaire Behind Telegram

The Guardian

Pavel Durov, a prominent tech entrepreneur known for founding VKontakte and Telegram, has been arrested in France due to a warrant related to alleged criminal activities linked to Telegram, including fraud and organized crime, although he has not yet been charged with any offenses. Durov, who built his fortune through innovative social networking and a focus on user privacy, became a controversial figure after refusing to comply with Russian authorities' demands for user data, ultimately leading to his departure from Russia in 2014. Since launching Telegram in 2013, the platform has become a widely-used tool for pro-democracy protests globally, but has also faced criticism and regulatory scrutiny for allegedly facilitating harmful content. Amidst his legal troubles, Durov's net worth is estimated at $15.5 billion, though the value of his cryptocurrency, toncoin, has notably declined following his arrest.

July Sees Increase in New Home Sales

Woodworking Network

In July, sales of newly built, single-family homes increased by 10.6% to a seasonally adjusted annual rate of 739,000, marking a 5.6% increase from the previous year. Despite the rise, housing affordability issues persist due to higher mortgage rates, prompting calls for policies to support the construction of more affordable housing. The inventory of new homes decreased slightly to 462,000 units, representing a supply of 7.5 months at the current building pace, which remains above the typical balance of 6 months. The median price for new homes rose to $429,800, indicating a 3.1% increase from the previous month but a slight decrease from last year.

Former T-Mobile CEO Faces Deposition in $100 Million Defamation Lawsuit

The Guardian

John Legere, the former chief executive of T-Mobile, is set to be deposed in a defamation lawsuit filed by Florida businessman Grant Cardone, who is seeking $100 million in damages for alleged false statements made by Legere on social media platforms. Legere had attempted to settle the matter with an apology but Cardone deemed the offer inadequate, leading to the expected deposition where Legere will face extensive questioning about his comments. The lawsuit claims Legere's statements, including accusations of fraud against Cardone, have significantly harmed Cardone's businesses and recruitment efforts. Cardone, a notable supporter of Donald Trump, has had public involvement in political controversies, including raising funds for Trump's legal expenses.

 📈 Stocks / Finance

Intel Faces Scrutiny Amid Falling Stock and Financial Challenges

Tip Ranks

Intel's stock has recently garnered negative attention from commentators labeling it a value trap due to falling prices and disappointing financial results, including second-quarter 2024 revenue that lagged behind analysts' expectations. Despite challenges, such as a suspended dividend and slowed partnerships, the company is poised for potential recovery as it focuses on its chip fabrication plans, backed by U.S. government support from the CHIPS and Science Act. Analysts suggest a cautious optimism as the average price target for Intel reflects a 33% upside potential, indicating a potential turnaround amid current low investor sentiment. Observers are encouraged to consider the long-term viability of Intel as it heads toward becoming a major player in the chip-foundry duopoly alongside Taiwan Semiconductor, particularly as it implements strategic measures to enhance its capital and production capabilities.

NFT Market Sees Increase in Weekly Trading Volumes

Coin Telegraph

Recent data indicates a resurgence in weekly sales volumes of non-fungible tokens (NFTs) on leading blockchains after significant declines earlier in 2024. For the week ending August 26, notable growth was observed, with Polygon experiencing a 123.20% increase in sales, followed by Ethereum at 32.79% and Solana at 12.13%. Additionally, the number of NFT buyers exceeded 500,000, reflecting a 37.97% uptick compared to the previous week, with Solana topping the list of buyers. However, despite these gains, the NFT market faced an ongoing broader decline, with monthly sales volumes down 45% in the second quarter of 2024 compared to the previous year.