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Rumble secures $775 million investment from Tether
Decentral Media, Crypto Briefing
Video-sharing platform Rumble has secured a massive $775 million investment from stablecoin issuer Tether. The deal marks a significant milestone for the video-sharing platform as it looks to fuel growth and stockholder liquidity.
As part of the agreement, Tether will purchase 103,333,333 shares of Rumble Class A Common Stock at $7.50 per share. The company has allocated $250 million of the proceeds to support its growth initiatives, while the remaining funds will be used for a self-tender offer for up to 70 million shares of its Class A Common Stock.
Following the announcement, Rumble’s stock soared 35% in post-market trading, with shares increasing from their Friday closing price of $7.18 to $9.80, according to market data.
Rumble CEO Chris Pavlovski expressed his enthusiasm for the collaboration between the two companies, emphasizing the deep connection between the crypto and free speech communities. He noted that the cash injection would not only fuel Rumble’s growth initiatives but also provide an immediate liquidity event for stockholders participating in the self-tender offer.
Tether CEO Paolo Ardoino echoed these sentiments, highlighting the alignment of the companies’ missions around decentralization, independence, and transparency.
When questioned on platform X by Autism Capital about the reasoning behind Tether’s investment in Rumble, Ardoino explained that the two companies share values such as freedom of speech, financial freedom, independence, and resilience.
Source: cryptobriefing.com
