News

Traders look like they’re ready to rumble today.

Rumble, the YouTube alternative video-streaming platform that has become popular in right-wing circles, said on Friday that it has secured a $775 million investment from cryptocurrency company Tether.

Following the news, Rumble Inc. shares (NASDAQ: RUM) skyrocketed up almost 94% as of 11 a.m. ET on Monday, inching near $14. The stock had previously peaked at $14.37 per share way back in February 2022, but it has fallen since then. Today’s gains mark a fresh high point for the stock.

Tether’s investment will see it purchase more than 103 million shares at $7.50. Rumble said it will use $250 million to support the platform’s growth and the rest to fund a self-tender offer for 70 million Class A shares.

“I could not be more excited about this collaboration with Tether,” said Chris Pavlovski, Rumble’s chairman and CEO, in a statement. “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.”

Additionally, Paolo Ardoino, Tether’s CEO, said that the investment represents a meshing of the two companies’ shared interests.

“Tether’s investment in Rumble reflects our shared values of decentralization, independence, transparency, and the fundamental right to free expression,” Ardoino said in statement. “In today’s world, legacy media has increasingly eroded trust, creating an opportunity for platforms like Rumble to offer a credible, uncensored alternative.”

Rumble stock has struggled since its debut

Despite having been founded more than a decade ago, Rumble has only gained traction over the past few years. It’s become a haven for content creators focused on topics such as conspiracy theories about vaccines and the 2020 election, and some of its most-watched channels include those hosted by Dan Bongino, Steve Bannon, and Steven Crowder—all conservative-minded creators.

Pavlovski has argued that the site’s makeup is more politically diverse than is generally reported, and last year he shared data indicating that independents and people with no party affiliation made up its largest share of users.

Rumble went public via a SPAC (special purpose acquisition company) merger in 2022, but its stock has failed to gain traction since, trading under $10 a share for most of the past two years.