Weekly Market Update - 2 September 2024

Telegram Questions

Telegram, one of the world’s most popular messaging apps, has questioned the grounds for France’s detention of CEO Pavel Durov, who was taken into custody at a Paris airport at the weekend. The 39-year-old was detained at Le Bourget Airport on Saturday on suspicion of failing to take steps to prevent criminal use of Telegram, according to Agence France-Presse. Telegram issued a statement on its platform and on X, formerly known as Twitter, saying the Dubai-based company abides by European laws, including the Digital Services Act, and that Durov has “nothing to hide.”

Source: Bloomberg

Succession Planning

Apple’s longtime Chief Financial Officer Luca Maestri will step down from the job at the end of the year, handing the role to top deputy Kevan Parekh. Parekh, who serves as vice president of financial planning and analysis, will become CFO on Jan. 1 “as part of a planned succession,” Apple said in a statement Monday. Maestri will continue to oversee corporate services teams, including areas such as information technology and real estate, the company said.

Source: Bloomberg

Funding Rounds

Nvidia has discussed joining a funding round for OpenAI that would value the artificial intelligence startup at more than $100 billion, according to people familiar with the matter. Apple and Microsoft also have been in talks about participating in the financing, said the people. The round would be led by Thrive Capital, which is investing about $1 billion, Bloomberg reported earlier this week. If the discussions move forward, it would mean the three most valuable tech companies are all backing OpenAI, maker of the groundbreaking ChatGPT chatbot.

Source: Bloomberg