Tether Makes $775M Strategic Investment In YouTube Competitor Rumble

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December 24, 2024

Stablecoin giant Tether has made a strategic investment of $775 million in Rumble, a popular free speech video-sharing platform and YouTube competitor.

The partnership aims to drive growth and innovation in the video streaming platform, and establish a meaningful advertising, cloud, and crypto payment solutions relationship with Rumble.

$250 million of the strategic investment will be used to support Rumble’s growth initiatives, and the remaining amount will be used to fund a self-tender offer for up to 70 million shares of Rumble’s Class A Common Stock at $7.50 per share.

According to a company blog announcing the investment, "Rumble’s existing Board and governance structure, including Chris Pavlovski’s super-majority voting control, will remain unchanged following the closing of the transaction and Tether will own a minority position in our outstanding common stock but will not have the right to designate any members of the Board."

The investment and the tender offer are expected to close in the first quarter of 2025.

"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," Pavlovski said.

"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 rocketed higher by 41% in after hours action to $10.13.

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"Two minutes into its burn, a flash was observed in the aft section of the vehicle near one of the Raptor vacuum engines; Sensors in the attic detected a pressure rise indicative of a leak after the flash was seen.

"Roughly two minutes later, another flash was observed followed by sustained fires in the attic. These eventually caused all but one of Starship’s engines to execute controlled shut down sequences and ultimately led to a loss of communication with the ship

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"The most probable root cause for the loss of ship was identified as a harmonic response several times stronger in flight than had been seen during testing, which led to increased stress on hardware in the propulsion system. The subsequent propellant leaks exceeded the venting capability of the ship’s attic area and resulted in sustained fires.

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The 31-year-old publicly revealed Musk as the father of her child on Valentine's Day, on social media. Musk has not publicly acknowledged the child or the lawsuit

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