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Rumble Shares Surge After Securing $775 Million From Tether in Strategic Partnership Focused on Free Speech

Dec 23, 2024, 02:40 PM

Rumble Inc., a video-sharing platform known for its focus on free speech, has secured a $775 million investment from Tether, a major player in the cryptocurrency market. The investment involves Tether purchasing 103.3 million shares of Rumble at $7.50 each. Of the total investment, $250 million will be used to support Rumble's growth initiatives, while the remaining funds will facilitate a self-tender offer for up to 70 million shares of Rumble's Class A common stock. This strategic partnership aims to promote decentralization and protect freedom of speech, aligning with the values of both companies. Rumble's Chairman and CEO, Chris Pavlovski, and Tether's CEO, Paolo Ardoino, expressed enthusiasm for the collaboration, emphasizing the synergy between cryptocurrency and free speech communities. Following the announcement, Rumble's shares surged significantly, with premarket trading showing increases ranging from 39.5% to 81.28%. The deal, involving Tether's USDT stablecoin, is expected to close in the first quarter of 2025.