Tether Invests Big in Rumble as Profits Top $10 Billion This Year
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Tether, the global leader in the stablecoin market, has strategically committed $775 million to Rumble, a rising video-sharing platform that positions itself as a decentralized alternative to YouTube. This significant investment comes as Tether’s earnings surge, with profits soaring above $10 billion this year. On December 20, the USDT issuer announced a strategic investment of $775 million in Rumble, a Bitcoin holding video-sharing platform and cloud services provider. According to the statement, the offer includes an initial $250 million cash infusion to Rumble and an offer to acquire up to 70 million shares at $7.50 each, cumulatively valued at $775 million. Still, Rumble’s Chairman and CEO Chris Pavlovski retains a controlling interest in the company. Paolo Ardoino, Tether’s CEO, expressed that the investment mirrors both companies’ commitment to decentralization, transparency, and freedom. He emphasized Rumble’s role as a reliable platform that challenges the status quo of mainstream media, which has been grappling with diminishing trust. “Tether deeply believes in the fundamental values of freedom of speech and financial freedom. Our strategic investment in Rumble greatly underscores Tether’s focus in supporting technology and companies that empower humans, delivering independence and resilience to our society,” Ardoino remarked. Meanwhile, Pavlovski views the financial backing as a tool to directly compete with YouTube. Indeed, YouTube is the dominant video-sharing platform globally with approximately 2.5 billion monthly active users as of March 2024. “YouTube, lookout. I’m coming for your monopolistic market share, globally,” Pavlovski stated. Tether Stablecoin Tokens in Circulation. Source: Tether Tether, primarily recognized for its USDT stablecoin with a market capitalization of around $140 billion, has significantly broadened its investment portfolio this year. The company has ventured into various sectors, including agriculture, Bitcoin mining, artificial intelligence, and education. In a recent Bloomberg interview, Ardoino shared that Tether would be concluding the year with…
Filed under: News - @ December 21, 2024 2:26 pm