Rumble Inc. (NASDAQ: RUM), the video hosting and live-streaming platform, saw its stock price soar 7.13% in Friday's pre-market session, extending the rally from the previous day.
The surge in RUM's shares comes after the company announced a massive $775 million strategic investment from Tether, the largest stablecoin issuer and digital assets company. According to Rumble, $250 million of the proceeds will be used to fund growth initiatives, while the remaining $525 million will be utilized for a self-tender offer to repurchase up to 70 million Class A common shares.
Rumble's partnership with Tether, which boasts over 350 million users worldwide, is seen as a significant validation of the platform's potential and growth prospects. The influx of capital from this investment is expected to bolster Rumble's expansion plans and solidify its position in the rapidly evolving video streaming and social media landscape.
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