Rumble Stock Soars On $775 Million Investment From Tether: What To Know
Posted On December 21, 2024
Rumble Inc. (NASDAQ:RUM) shares are soaring in after-hours trading Friday after the company announced it has entered into a definitive agreement for a strategic investment of $775 million from Tether.
The Details: Tether (CRYPTO: USDT) has agreed to purchase 103.33 million shares of Rumble Class A Common Stock at a price per share of $7.50, totaling $775 million in gross proceeds to Rumble.
Rumble said it will use $250 million of the proceeds to support growth initiatives and the remaining proceeds to fund a self tender offer for up to 70 million of its Class A Common Stock at $7.50 per share.
Tether’s investment and the tender offer are …
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