Rumble Inc. (NASDAQ:RUM) is soaring, with shares jumping 44% pre-market after a $775 million investment from Tether (CRYPTO: USDT).
Tether’s Investment Boosts Rumble’s Pre-Market Surge
The deal involves Tether purchasing 103.33 million shares of Rumble Class A common stock at $7.50 per share, totaling $775 million in gross proceeds. This deal marks a bold move in a sector where cryptocurrency and free speech often collide.
Rumble plans to use $250 million of the proceeds for growth initiatives, aiming to strengthen its position in the free speech video-sharing space. The remainder of the funds will be used for a self-tender offer, buying back up to 70 million shares at the same price of $7.50 each.
CEO Chris Pavlovski emphasized the alignment between crypto and free speech.
Also Read: Full story available on Benzinga.com
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