As a long-time advocate for freedom of speech and decentralized technologies, this partnership between Tether and Rumble resonates deeply with my values. Having witnessed the gradual erosion of trust in legacy media, it’s heartening to see platforms like Rumble rise as credible, uncensored alternatives.
Tether, a company dealing with cryptocurrency stablecoins, announced an investment of $775 million into Rumble, a video-sharing platform and cloud provider that has gained popularity among conservative broadcasters and content makers. Positioned as a free speech advocate in contrast to its rivals, Rumble serves as an appealing alternative for these users.
On Friday night, it was disclosed that the agreement has been finalized. Rumble will secure $250 million from this deal, with the remaining funds earmarked for a tender offer to purchase up to 70 million of its Class A Common Stock at a price of $7.50 per share, as stated by the companies.
Rumble serves as a rival platform to YouTube, offering a stage for figures such as conservative commentators like Dan Bongino, Steven Crowder, and Andrew Tate, journalist Glenn Greenwald, gaming personality Dr. Disrespect, and Dana White’s Power Slap events.
The company’s shareholders encompass Bongino and a venture capital firm jointly established by Vice President-elect JD Vance. Furthermore, Vance’s financial disclosures reveal that he holds a personal investment in Rumble, valued between $100,000 and $250,000.
After the investment is finalized, Chairman and CEO Chris Pavlovski will retain a significant controlling interest in the company, yet he might choose to sell up to 10 million shares during the tender offer.
Tether, for its part, now stands as a significant player within the cryptocurrency realm, boasting over 350 million active users.
Pavlovski expressed immense enthusiasm about working with Tether, citing several key factors. Firstly, he highlighted the deep-rooted bond between the cryptocurrency and free speech advocacy groups, both driven by a shared passion for freedom, openness, and decentralization. Secondly, he pointed out that the initial $250 million cash injection into our funds underscores the strong support and dedication from Tether towards this collaboration, also boosting our expansion plans. Lastly, he mentioned that this deal offers an immediate liquidity opportunity for our shareholders who choose to take part in the stock buyback offer. Pavlovski believes that Tether is the ideal partner to propel Rumble forward as we embark on our next stage of growth.
Tether’s investment in Rumble underscores our mutual beliefs in principles such as decentralization, self-rule, transparency, and the essential liberty of free speech,” commented Paolo Ardoino, Tether’s CEO. “In today’s climate, traditional media has been losing trust, paving the way for platforms like Rumble to provide a reliable, uncensored option. This partnership aligns with our ongoing efforts to support technologies that champion freedom and disrupt centralized structures, as shown through our recent collaborations and projects. Rumble’s focus on nurturing open dialogue and innovation makes them an excellent partner as we work towards creating a more decentralized, welcoming future. Furthermore, beyond our initial investment, Tether aims to forge a significant partnership in advertising, cloud services, and crypto payments with Rumble.
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2024-12-21 02:24