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Tether Takes $775M Stake in Video-Sharing Platform Rumble; RUM Shares Soar 41%
Updated Dec 20, 2024, 10:25 p.m. Published Dec 20, 2024, 10:15 p.m.
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YouTube competitor Rumble (RUM) is in a deal for a $775 million strategic investment from stablecoin giant Tether.
Rumble will use $250 million of the money to support operations and the remainder to fund a tender offer for up to 70 million shares of its common stock at a price of $7.50, according to a Friday evening press release. That $7.50 is the same price per share Tether is paying for its stake.
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"I truly believe Tether is the perfect partner that can put a rocket pack on the back of Rumble as we prepare for our next phase of growth," said Rumble CEO Chris Pavlovski.
"Legacy media has increasingly eroded trust, creating an opportunity for platforms like Rumble to offer a credible, uncensored alternative," said Tether CEO Paolo Ardoino. "Beyond our initial shareholder stake, Tether intends to drive towards a meaningful advertising, cloud, and crypto payment solutions relationship with Rumble."
RUM shares have rocketed higher by 41% in after hours action to $10.13.
It is not known if any of the proceeds will be used to put bitcoin on the Rumble balance sheet. Pavlovski in November had teased an interest in his company possibly buying bitcoin.
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