Early trading saw Rumble (NASDAQ:RUM) shares leap over 70% as it continues gaining following the recent disclosure of a $775 million strategic investment from Tether. It's important to note that the conservative video streaming platform's stock is up 186% YTD, and 141% over the past six months alone.
With the remainder funding a self-tender offer for up to 70 million shares of its Class A common stock at $7.50 per share, the same price as Tether's investment, the business intends to spend $250 million of the proceeds on growth efforts.
After the deal is finished, Chris Pavlovski, CEO and chairman of Rumble, will keep his controlling share to guarantee ongoing leadership during its next expansion stage.
Using fresh funds for expansion and shareholder value projects, this calculated investment positions Rumble for a greater market presence. Reflecting investor confidence in the cooperation with Tether and the company's forecast for faster growth, shares were up significantly at market open Monday.
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