Rumble skyrockets after Tether investment

Rum

23/12/2024 11:20

** Shares of video sharing platform and cloud services
provider Rumble  RUM.O  rise 45.4% to $10.43 premarket
    ** Co said on Friday it had entered into an agreement with
Tether to receive a strategic investment of $775 mln 
    ** Blockchain-enabled platform Tether has agreed to purchase
over 103.3 mln shares of RUM Class A Common Stock at a price of
$7.50/share
    ** RUM to use $250 mln of proceeds to support growth
initiatives and remaining proceeds to fund a self-tender offer
for up to 70 mln of its Class A Common Stock, at the same price
    ** Earlier, co's board approved a plan to buy up to $20 mln
in bitcoin from its cash reserves
    ** RUM, backed by venture capitalist Peter Thiel and U.S.
Vice President-elect JD Vance, through Narya Capital, has $2.04
bln market cap, according to LSEG data
    ** The Tether token is the world's largest stablecoin and
the third-largest cryptocurrency, with market value of over
$139.8 billion according to CoinGecko
    ** Cryptocurrencies have soared after Donald Trump's victory
in the U.S. presidential election on hopes of a friendlier
regulatory environment
    ** As of last close, RUM up 60.13% YTD

 (Reporting by Sanchayaita Roy in Bengaluru)
 ((Sanchayaita.roy@thomsonreuters.com))