Crypto stablecoin company Tether says it will invest $775 million in video-sharing platform and cloud provider Rumble, which has become a favorite of conservative hosts and content creators and pitches itself as an alternative to free speech positioned to its competitors.
The companies announced the deal on Friday evening. Rumble will receive $250 million in the deal, with the remaining proceeds “used to fund a self-tendering of up to 70 million shares of its Class A common stock at the same price ($7.50 per share) as Tether’s investment.” should serve,” say the companies.
Rumble is a competitor to YouTube and is home to the likes of conservative commentators Dan Bongino, Steven Crowder and Andrew Tate, journalist Glenn Greenwald, gamer Dr. Disrespect and Dana White Power slap Competitions.
Its shareholders include Bongino and a venture capital firm co-founded by Vice President-elect JD Vance. Vance’s financial disclosures also showed that he owns a personal interest in Rumble worth between $100,000 and $250,000.
Rumble says Chairman and CEO Chris Pavlovski will still own a majority stake in the company after the investment closes, although he will sell up to 10 million shares as part of the tender offer.
Tether has now become one of the best-known stablecoins in the crypto universe with more than 350 million users.
“I am very excited about this collaboration with Tether for several reasons,” Pavlovski said in a statement. “First, many people may not be aware of the incredibly strong connection between cryptocurrency and free speech communities that…
