Rumble (NASDAQ: RUM) is a company that went public in 2022, aiming to build an internet infrastructure free from censorship. It competes with major players like YouTube and AWS. Despite its ambitious goals, Rumble has faced financial challenges, reporting a net loss of $116 million in 2023 and an additional $102 million in the first three quarters of 2024.
Shares of RUM have recently reached 52-week highs, experiencing a remarkable 300% increase in value since their January lows. This surge is largely due to a substantial $775 million investment from Tether Limited, the company behind the stablecoin Tether (“USDT”). Tether is the world’s third-largest cryptocurrency by market capitalization, known for its stablecoin that maintains a 1-to-1 price correlation with the U.S. dollar.
The investment from Tether has alleviated investor concerns about Rumble’s liquidity, causing the stock to soar. Currently, RUM is priced at $14.02, reflecting a percentage increase of 4.39%. During the day, the stock has fluctuated between a low of $13.27 and a high of $14.18. Over the past year, RUM has reached a high of $17.40 and a low of $3.33.
Rumble’s market capitalization stands at approximately $5.46 billion, with a trading volume of 2,933,379 shares. Despite a slight decrease in monthly active users from 71 million in 2022 to 67 million in 2024, the infusion of cash from Tether provides Rumble with a longer runway to achieve its long-term vision, offering optimism to its shareholders.
To view the full press release, visit https://ibn.fm/bdzTQ
About Rumble Inc.
Rumble is a high-growth video platform and cloud services provider that is creating an independent infrastructure. Rumble’s mission is to restore the internet to its roots by making it free and open once again. For more information, visit: corp.rumble.com.
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