Rumble Stock Soars On $775 Million Investment From Tether: What To Know

Quick Summary:

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.

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Article Details

Author / Journalist: Erica Kollmann

Category: Technology

Markets: United States

Topics: Equities Movers Benzinga Markets RUM News Cryptocurrency Paolo Ardoino $USDT Tech Chris Pavlovski

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-21 @ 05:53:11 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 375 words

Reading Time: 3 minutes read

Sentences: 15 lines

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Copyright Owner: © Benzinga

News ID: 24573426

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