Tether, the issuer of the world’s largest stablecoin, USDT, has announced a $775 million investment into Rumble, a video-sharing platform and cloud services provider. This strategic move has sent Rumble stock soaring by 44.6% in aftermarket trading. The investment, valuing Rumble shares at $7.50 each, will boost the platform’s financial stability and growth prospects.
Tether $775M Rumble Investment Sends Stock Soaring 44.6%
Following a recent press release, Tether revealed its decision to acquire 103,333,333 shares of Rumble’s Class A Common Stock at $7.50 per share. The $775 million transaction marks a strategic move into decentralized communications. News of the investment triggered a sharp 44.6% increase in Rumble’s stock price during aftermarket trading, reflecting investor optimism about the collaboration.
Rumble’s stock had been experiencing a downturn following Federal Reserve announcements on interest rates. However, Tether’s backing has restored market confidence, driving the share price upward. This highlights the growing ties between cryptocurrency initiatives and decentralized media platforms.
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