24/7 Market News Snapshot 20 December, 2024 – Rumble Inc. Class A Common Stock (NASDAQ:RUM)

December 20, 2024

DENVER, Colo., 20 December, 2024 (247marketnews.com) – (NASDAQ:RUM) are discussed in this article.
Rumble Inc. has recently witnessed a substantial surge in its Class A Common Stock (RUM), which opened at $7.19 and has risen to $8.85, marking an impressive increase of 21.73%. This notable price action highlights strong investor interest, evidenced by a trading volume of 6.12 million shares. The substantial momentum suggests a growing confidence in Rumble’s potential within the ever-evolving digital media landscape.

Contributing to this optimistic outlook is Rumble’s announcement of a transformative partnership with Tether, involving a strategic investment of $775 million aimed at propelling Rumble’s growth and commitment to decentralization and freedom of expression. The partnership includes an immediate allocation of $250 million to fortify Rumble’s balance sheet and support future growth initiatives.

Additionally, the investment will finance a self-tender offer, allowing Rumble to buy back up to 70 million shares of its Class A Common Stock at $7.50 per share. This initiative is designed to provide substantial liquidity to shareholders, while cultivating a vibrant and dynamic capital market for the company.

Chris Pavlovski, Rumble’s CEO and Chairman, expressed enthusiasm regarding the collaboration, emphasizing the shared vision with Tether in promoting transparency and decentralization. He stated, “This partnership reflects our dedication to enhancing our growth strategy and reinforces the intrinsic connection between cryptocurrency and free speech.”

Paolo Ardoino, CEO of Tether, echoed these sentiments, highlighting the alignment of their core values and the partnership’s potential to establish Rumble as a trustworthy alternative amid growing media distrust.

Set to close in the first quarter of 2025 pending customary conditions, this strategic investment positions Rumble as a key player in the decentralized media arena, affirming its mission to foster an open and independent internet.

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