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Rumble Gains $775 Million from Tether; Shares Soar 44% Amid Growth and Share Buyback Plans

Dec 20, 2024, 10:20 PM

Rumble, the video-sharing platform known for its focus on free speech, announced a $775 million strategic investment from Tether, the company behind the USDT stablecoin. The investment comprises a $250 million cash commitment to support Rumble's growth initiatives and $525 million to fund a tender offer for approximately 70 million shares of Rumble's common stock at $7.50 per share. The transaction is expected to close in the first quarter of 2025. CEO Chris Pavlovski will remain in control of the company, selling under 10 million shares. Tether's Chief Technology Officer, Paolo Ardoino, emphasized the alignment of values between the two companies, highlighting their shared commitment to freedom of speech and financial freedom. The partnership aims to bolster Rumble's development of meaningful partnerships in advertising, cloud services, and crypto payment solutions. Following the announcement, Rumble's stock price surged over 44% in after-hours trading.