Video sharing platform Rumble announces $775 million strategic investment from Tether

According to official sources, video sharing platform and cloud service provider Rumble (NASDAQ: RUM) announced that it has completed a strategic investment of $775 million from Tether. As part of the deal, Tether purchased 103,333,333 shares of Rumble Class A common stock at a price of $7.50 per share, for a total of $775 million. After deducting transaction fees, the company will use $250 million to support its growth plan. As part of the completed transaction, the previously announced tender offer to purchase up to 70 million shares of Class A common stock was successfully completed. As of the expiration date, a total of 70,061,168 shares were validly and successfully tendered and not withdrawn. Rumble subsequently accepted the purchase of 70 million shares on a pro rata basis, and odd lot tenders were fully accepted for a total amount of $525 million (excluding fees and expenses related to the tender offer). The depositary institution will immediately pay for the accepted purchased shares and return all other tendered shares that were not purchased.