Video Platform Rumble Begins Trading After Closing SPAC Deal
Rumble, Inc. (NYSE: RUM), a video platform backed by billionaire Peter Thiel, has merged with CF Acquisition Corp. VI, a special purpose acquisition company backed by Wall Street firm Cantor Fitzgerald and has started trading as of Monday under the ticker symbol RUM.
The platform, now valued at over $2 billion, has been around since 2013 but only recently gained popularity when it joined the growing list of conservative social media platforms attracting new users frustrated by stricter restrictions of more mainstream platforms like YouTube and Twitter as political divisions in the US grow more pronounced. The list includes Parler, Gettr, and Donald Trump’s Truth Social.
Data from research firm Sensor Tower say that Rumble’s monthly app installs soared 250% in August, pushing its total installations to 7 million. Comparatively, Parler has been installed 11.4 million times, Gettr 7.2 million times, and Truth Social 3.3 million times.
Rumble intends to use the proceeds from its SPAC deal — a figure of $400 million — to bring in more creators and expand its audience. To facilitate continuous operations without having to rely on providers with stringent content policies, the company also plans to launch its own cloud service.
“We create technologies that are designed to be immune to cancel culture, because everyone benefits when people have access to more ideas, diverse opinions and dialogue,” Rumble said in its filing. “We are on a mission to protect a free and open internet.”
This “mission” also includes its own ad network. Trump Media and Technology Group, which operates Truth Social, joined Rumble’s ad platform in August as its first publisher.
Information for this briefing was found via Bloomberg, Twitter, and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.