Stablecoin issuer Tether announced on Friday that it is investing $775 million in streaming video platform Rumble, a competitor to YouTube that describes itself as an anti-censorship platform.
The company behind the USDT stablecoin described the deal as a “definitive agreement” and would start with a primary investment of $250 million in cash.
According to Tether, the deal will result in the cryptocurrency company ultimately receiving 103.3 million shares of Rumble common stock. Rumble CEO Chris Pavolski will retain a majority stake in the streaming platform. At $7.50 per common share, Tether’s $775 million investment in Rumble is expected to close in early 2025.
Following the announcement, Rumble shares rose 40.75% in after-hours trading and are currently at $10.57 Market observation.
Launched in 2013 by tech entrepreneur Chris Pavlovksi, Rumble is a video streaming platform focused on free expression. It has become a popular alternative to YouTube for conservative and far-right content creators.
“Tether’s investment in Rumble reflects our shared values of decentralization, independence, transparency and the fundamental right to freedom of expression,” Tether CEO Paolo Ardoino said in a statement. “In today’s world, legacy media has increasingly eroded trust, providing platforms like Rumble with the opportunity to offer a credible, uncensored alternative.”
Tether and Rumble did not immediately respond to requests for comment Decipher.
Breaking News: Rumble Announces $775 Million Strategic Investment from Tether
“Beyond our initial shareholder engagement, Tether intends to advance meaningful advertising, cloud and crypto…
