Tether strategically invested $775 million in video platform Rumble, whose stock price surged 44.6% after the market closed

According to media reports, Tether, the world's largest stablecoin issuer, has made a "strategic investment" of $775 million in YouTube alternative platform Rumble. Last month, the video platform announced that it would allocate up to $20 million of its excess cash reserves to Bitcoin. According to Yahoo Finance, the stock surged 44.6% in after-hours trading as news of Tether's investment broke. In addition, it is understood that a secret unit of Tether is helping to develop a peer-to-peer chat and video conferencing application called Keet, which is built using technology created by Holepunch, another company of Tether CEO Ardiono. Rumble said it would use $250 million of the funds to "support growth plans" and the remaining funds would be used to acquire up to 70 million Class A common shares at $7.50 per share, the same price as Tether's investment. Rumble Chairman and CEO Chris Pavlovski will retain his controlling stake in the company and said he would not sell more than 10 million shares. Tether will purchase a total of 103,333,333 shares. (TheBlock)