Rumble Secures $775 Million Investment From Tether

According to Foresight News, video-sharing platform and cloud service provider Rumble (NASDAQ: RUM) has announced the completion of a $775 million strategic investment from Tether. As part of the transaction, Tether purchased 103,333,333 shares of Rumble's Class A common stock at $7.50 per share, totaling $775 million. After deducting transaction fees, Rumble plans to allocate $250 million of the investment to support its growth initiatives. In conjunction with the completion of this transaction, Rumble successfully concluded a previously announced tender offer to purchase up to 70 million shares of its Class A common stock. By the expiration date, a total of 70,061,168 shares were validly tendered and not withdrawn. Rumble accepted 70 million shares on a pro-rata basis, with odd-lot tenders being fully accepted, amounting to $525 million, excluding fees and expenses related to the tender offer. The depository will promptly pay for the shares accepted for purchase and return all other tendered shares that were not purchased.