Tether, the issuer of the largest stablecoin by market capitalization, announces a $775 million investment in YouTube alternative Rumble.
Rumble says in a press release that it will use $250 million of the proceeds to support “growth initiatives” and the remaining capital to fund a self-tender offer for up to 70 million shares of its Class A common stock.
Tether has agreed to purchase 103,333,333 Rumble Class A shares at a price of $7.50. Meanwhile, Rumble Chairman and CEO Chris Pavlovski will retain his majority stake in the company.
Says Pawlowski,
“I firmly believe that Tether is the perfect partner that can provide a rocketship to Rumble as we prepare for our next phase of growth.”
In addition to Rumble’s prioritization of free speech and decentralization, Tether CEO Paolo Ardoino says the company also intends to explore a crypto payment solution for the YouTube rival.
“Tether’s investment in Rumble reflects our shared values of decentralization, independence, transparency and the fundamental right to freedom of expression. In today’s world, legacy media has increasingly eroded trust, giving platforms like Rumble the opportunity to…
