Rumble's shares spike 100% after major Tether investment. Company plans to use funds for development and share buybacks.
Shares of Rumble Inc, a video-sharing platform, skyrocketed by an impressive 100% to $14.30 after announcing a $775 million investment in Tether (USDT), the stablecoin issuer. This marks the highest price for Rumble shares since September 2022. As per the deal, Tether will acquire approximately 103.3 million Class A Rumble shares at $7.50 per share. Out of this amount, $250 million will be allocated for platform development and $525 million for share buybacks. Rumble, considered a competitor to YouTube with 67 million monthly active users, has also recently decided to invest $20 million in Bitcoin (BTC).
