As revealed in a statement shared with Bitcoin.com News, the Rumble (Nasdaq: RUM) deal was sealed on Dec. 20, 2024. Tether is snapping up 103,333,333 shares of Rumble’s Class A common stock at a cool $7.50 each. Rumble intends to pocket $250 million to bolster its financial reserves and fuel its expansion dreams.

The rest of the cash will fuel a buyback bonanza, offering up to 70 million shares of Class A stock to shareholders looking for some liquidity. This tender offer will match Tether‘s buying price at $7.50 per share.

Chris Pavlovski, the CEO and chairman of Rumble, will keep his command over the company post-transaction. The deal is slated to wrap up in Q1 2025, pending the usual regulatory nods, including the Hart-Scott-Rodino Antitrust Improvements Act. Rumble’s leadership and board will stay the course.

In his statement, Pavlovski spotlighted the synergy between Rumble and Tether’s core missions, celebrating their common ground on decentralization and openness. He dubbed Tether the “perfect partner” for Rumble’s upcoming adventures. Paolo Ardoino, Tether’s CEO, mirrored these enthusiastic vibes.

The Tether boss stated:

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.

Ardoino noted Tether’s intention to explore additional collaborations in advertising, cloud services, and cryptocurrency payment solutions with Rumble. Rumble is expected to benefit from Tether’s extensive presence in the digital asset industry. Tether’s dollar-backed stablecoin is widely used across global markets, reportedly serving more than 350 million users.

Advisory roles for the transaction included Cantor Fitzgerald & Co. as placement agent and dealer manager for Rumble, Oppenheimer & Co. as capital markets advisor, and legal counsel provided by multiple firms. The full transaction details will be included in a future filing with the Securities and Exchange Commission (SEC).

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