Tether CEO Paolo Ardoino explained that the large investment in Rumble, a YouTube alternative platform, is aimed at focusing on "empowering people" technology.
Tether, the world's largest stablecoin issuer, has invested $775 million in Rumble, a YouTube alternative platform known for not censoring content.
"Tether deeply believes in the fundamental values of freedom of speech and financial freedom," Tether CEO Paolo Ardoino said in a post on X on December 20.
"The strategic investment in Rumble underscores Tether's focus on supporting technology and companies that empower people, providing independence and resilience to society," Ardoino said.
Ardoino expressed optimism about what Rumble CEO Chris Pavlovski and his team have built and wants to collaborate to realize a shared vision. Tether and Rumble plan to collaborate on advertising solutions, cloud, and cryptocurrency payments.
Pavlovski also shared similar enthusiasm in a post on X on December 20, affirming that he will continue to challenge YouTube:
"YouTube, watch out. I'm coming for your global monopoly market share."
Following this announcement, Rumble's (RUM) stock rose 51.6% in after-hours trading, reaching $10.90, according to Google Finance data.
Previously, Rumble confirmed plans to add Bitcoin to its balance sheet, after Pavlovski hinted at the idea on social media. Rumble's board of directors has approved this strategy, allowing the company to use a portion of its cash reserves to purchase Bit
