Tether, the issuer of the largest stablecoin USDT, announced its investment in Rumble, a flagship video sharing platform and cloud service provider. Out of a whopping $775 million invested, $250 million will immediately fuel Rumble's growth initiatives.
Tether backs Rumble with $775 million funding
Yesterday, Dec. 20, 2024, stablecoin giant Tether announced its commitment to invest $775 million in YouTube rival Rumble. The first batch totals $250 million, while the entire transaction will be finalized in Q1, 2025, an official Tether statement says.
Tether deeply believes in the fundamental values of freedom of speech and financial freedom.
— Paolo Ardoino 🤖🍐 (@paoloardoino) December 20, 2024
Our strategic investment in Rumble greatly underscores @Tether_to 's focus in supporting technology and companies that empower humans, delivering independence and resilience to our… https://t.co/vHYVbQJnKk
Once the transaction is completed, Chris Pavlovski, Rumble’s Chairman and CEO, will retain a controlling stake in his company. Following the announcement, Rumble's stocks on NASDAQ soared by 40% on the premarket.
Tether CEO Paolo Ardoino outlines that the investing in Rumble is yet again set to reaffirm Tether's commitment to supporting decentralization in tech:
Tether’s investment in Rumble reflects our shared values of decentralization, independence, transparency, and the fundamental right to free expression. In today’s world, legacy media has increasingly eroded trust, creating an opportunity for platforms like Rumble to offer a credible, uncensored alternative. This collaboration aligns with our long-standing commitment to empowering technologies that promote freedom and challenge centralized systems, as demonstrated through our recent collaborations and initiatives.
As covered by U.Today previously, earlier this year, Tether made its first investment in crude oil market on Middle East worth over $50 million. Also, Tether supports new-gen Bitcoin (BTC) mining ventures.
Rumble's Pavlovski is excited about the promises of collaboration with Tether and stresses that "Tether is the perfect partner that can put a rocket pack on the back of Rumble."
Tether registers $10 billion profit, teases AI platform launch
With fresh funding, Rumble is going to challenge YouTube dominance in the segment of video hosting platforms with decentralized alternatives.
In 2024, Tether is set to log a record $10 billion in net profit, CEO Ardoino said in an exclusive interview with Bloomberg. Out of this monstrous sum, Tether is ready to redistribute 50% between further investment initiatives.
Also, in Q1, 2025, Tether is planning to launch its own artificial intelligence platform, allowing smartphone users to leverage AI developments.
In the last 12 months, Tether's USDT stablecoin, a core company product, increased its market cap by over 50% from $93 billion to $141 billion in equivalent.
