Shares of Rumble Inc. (RUM) surged over 82% on Monday morning after the company announced a $775 million strategic investment from Tether, the digital assets company behind the widely used USDT stablecoin.
RUM is currently trading at $13.10, up $5.91 or 82.20%, on the Nasdaq. The stock opened its trading at $10.00 after closing Friday at $7.19. The stock has traded between $3.33 and $13.44 in the past 52-week period.
Rumble, a video-sharing platform and cloud services provider, entered into a definitive agreement for a strategic investment of $775 million from Tether.
The company will use $250 million of the proceeds to support growth initiatives and the remaining proceeds to fund a self-tender offer for up to 70 million of its Class A Common Stock, at the same price as Tether's investment.
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