Rumble said Friday it entered an agreement for a $775 million investment from the cryptocurrency company Tether.

Tether agreed to purchase about 103.3 million shares of Rumble at $7.50, totaling $775 million.

The video platform said it anticipates using $250 million to support growth initiatives. It plans to use the remaining proceeds for a self tender offer for up to 70 million of its Class A common stock at $7.50 a share.

Once the planned transaction is completed, chief executive Chris Pavlovski would retain his controlling stake in the company. Pavlovski has committed to tender, and does not intend to sell more than 10 million shares in the offer, Rumble said.

The investment and tender offer is expected to close in the first quarter of 2025.

Rumble shares soared 53% in overnight trading.

Faraday Future announced that it has secured approximately $30 million in cash financing commitments. The funds will be used to accelerate the Company’s growth and the development of Faraday X (FX), FF’s strategy of launching affordable high performance AIEV equipped vehicles with cutting edge technology, filling the U.S. market gap in this segment, and for general corporate purposes.

Faraday Future shares gained 5.2% in overnight trading.