Rumble Inc., the video-sharing platform, witnessed a remarkable surge of over 50% in its stock price during the pre-market session on Monday. This substantial increase was driven by the company's announcement of a strategic $775 million investment from the cryptocurrency firm Tether.

According to the agreement, Tether will purchase approximately 103.3 million shares of Rumble at a price of $7.50 per share. The video platform plans to allocate $250 million from the proceeds to support its growth initiatives, while the remaining funds will be utilized for a self-tender offer. This tender offer will provide an opportunity for Rumble to repurchase up to 70 million of its Class A common stock at the same price of $7.50 per share.

Upon the completion of the transaction, which is expected to close in the first quarter of 2025, Rumble's CEO Chris Pavlovski will retain his controlling stake in the company. Pavlovski has committed to tendering shares but does not intend to sell more than 10 million shares in the offer.