Published - September 19, 2022 @ 05:03 PM (EET)
Last week shareholders of the blank check acquisition company Cantor Fitzgerald Acquisitions Corp. VI voted to take the conservative video network Rumble public after announcing at the meeting that the merger with Rumble was approved.
Backed by billionaire Peter Thiel, the platform will become a publicly held company on Monday, with CFVI shares to trade under the ticker symbol 'RUM.' (NASDAQ:RUM)
Founded in 2013 by three-time successful entrepreneur Chris Pavlovski, Rumble's video-sharing service didn't take off until recently, when conservatives grew frustrated with content moderation policies on large tech platforms during the 2020 elections and its aftermath.
In August, monthly app installs surged by 250%, and according to data from research firm Sensor Tower, the company's total installations grew to 7 million.
"Rumble is creating the rails to a new infrastructure that will not be bullied by cancel culture. We are a movement that does not stifle, censor, or punish creativity and freedom of expression," noted Pavlovski in a filing with the Securities and Exchange Commission.
With the transaction, which provides Rumble with approximately $400 million in gross proceeds, the company plans to use some of the proceeds to bring more creators to its platform and attract a larger audience.
Recently, the platform announced it is launching exclusive shows from actor Russell Brand, and journalist Glenn Greenwald and features right-wing commentator Dan Bongino, along with other high-profile conservatives.
For Thiel, known for his early investments in Facebook (NASDAQ:META) and his political support for Donald Trump, Rumble is a sign that his endeavors to launch a conservative news network are taking shape.
Rumble, an online video platform and cloud services business, promotes itself as being "immune to cancel culture," and is known for hosting Truth Social.
Along with Thiel, venture capitalist J.D. Vance invested in Rumble in May 2021, with a funding round valued at $500 million and generated more than $6.5 million in revenue in the first nine months of 2021.
As of 15 August 2022, Rumble has 44 million monthly active users (MAUs).
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