According to Chicago reports, video-sharing platform and cloud service provider Rumble has finalized a substantial investment deal with blockchain-backed platform Tether.
Rumble announced on Saturday that it had secured a strategic investment of $775 million from Tether.
The company stated that Chris Pavlovski, Rumble’s chairman and CEO, will retain a controlling interest in the firm after the transaction. While Tether will acquire a minority stake in Rumble’s common stock, it will not have the authority to appoint board members.
Rumble also revealed plans to use part of the funds for a self-tender offer of up to 70 million shares of its common stock.
Both the investment and tender offer are expected to be completed in Q1 2025.
Following the market opening, Rumble’s stock jumped 43.7% and settled at $7.19, down 1.10% by market close.
Cryptocurrency markets have experienced a dramatic surge following Donald Trump’s election victory. His crypto-friendly policies, including potential plans for a U.S. Bitcoin strategic reserve, have energized crypto investors and driven Bitcoin’s record-breaking rally.
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