Tether Invests in Rumble to Advance Decentralized Media

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Insidebitcoin2024/12/23 04:11

By:Insidebitcoin

On December 20, 2024, Tether revealed a strategic partnership with Rumble, a prominent video-sharing and cloud services platform listed on NASDAQ under the symbol RUM. The collaboration involves a substantial investment of $775 million to support Rumble’s growth and further their shared commitment to decentralization and free speech.

Details of the Investment

The partnership includes an upfront cash infusion of $250 million from Tether, intended to bolster Rumble’s expansion efforts. Additionally, Tether will assist in a tender offer for up to 70 million Rumble shares at a price of $7.50 per share. This comprehensive investment package totals approximately $775 million, which translates to the acquisition of 103,333,333 shares of Rumble’s common stock. Despite this investment, Chris Pavlovski, Rumble’s Chairman and CEO, will retain his controlling stake in the company after the transaction.

A Shared Vision for Decentralization and Innovation

Tether’s CEO, Paolo Ardoino, emphasized the alignment of values between the two companies, citing shared principles of decentralization , independence, and transparency. He stated, “Tether’s partnership with Rumble underscores our dedication to technologies that empower freedom and decentralization. As trust in traditional media wanes, platforms like Rumble are crucial in providing a credible and uncensored alternative. This investment reinforces our vision of building an inclusive, decentralized infrastructure. Beyond the financial commitment, Tether plans to explore synergies in advertising, cloud services, and cryptocurrency payment solutions with Rumble.”

Echoing this sentiment, Chris Pavlovski expressed enthusiasm about the partnership. He highlighted the synergy between cryptocurrency and free speech communities, which are united by their commitment to freedom and transparency. Pavlovski remarked, “This collaboration not only strengthens our financial position but also enables us to move closer to achieving EBITDA breakeven in 2025. The $250 million cash infusion affirms Tether’s support for our growth initiatives, and the tender offer provides liquidity to our shareholders. I am confident that Tether’s involvement will propel Rumble into its next phase of development.”

A Partnership Geared for Growth

This strategic collaboration marks a significant step for both Tether and Rumble. While Tether aims to extend its influence beyond the cryptocurrency realm into decentralized media, Rumble secures the financial backing needed to advance its mission of fostering open communication and innovation. Together, the two companies are poised to challenge centralized systems and redefine the future of media and technology.

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