Shares of the video platform jumped 83 per cent by 12:35 p.m. EST Monday on the Nasdaq, after it announced the deal with cryptocurrency Tether. In exchange, Tether will receive 103.3 million shares of common stock at US$7.50 each. Rumble plans to channel US$250 million into “growth initiatives,” it said in a press release, while the remaining funding will be put toward a self tender offer for up to 70 million of common stock. (The Logic)
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Shares of the video platform jumped 83 per cent by 12:35 p.m. EST Monday on the Nasdaq, after it announced the deal with cryptocurrency Tether. In exchange, Tether will receive 103.3 million shares of common stock at US$7.50 each. Rumble plans to channel US$250 million into “growth initiatives,” it said in a press release, while the remaining funding will be put toward a self tender offer for up to 70 million of common stock. (The Logic)
Talking point: The YouTube competitor is popular among U.S. Republicans and provides video services to the Trump Media and Technology Group. Rumble has received US$1 billion in private investments, including from PayPal co-founder Peter Thiel and vice president-elect J.D. Vance. Chairman and CEO Chris Pavlovski, who touted the groups’ shared passion of transparency and decentralisation in the press release, will retain his controlling stake in the company.
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