BlockBeats news, on December 21, according to globenewswire, video sharing platform and cloud service provider Rumble (NASDAQ: RUM) announced that it has reached a final agreement with USDT issuer Tether to secure a strategic investment of $775 million.
The company will use $250 million to support its growth plan, with the remaining proceeds used to acquire up to 70 million Class A common shares at the same price as the Tether investment ($7.50 per share). After the transaction is completed, Rumble's Chairman and CEO Chris Pavlovski will retain his controlling interest in the company. The investment and the tender offer are expected to be completed in the first quarter of 2025.