PANews reported on February 8 that according to official news, video sharing platform and cloud service provider Rumble (NASDAQ: RUM) announced that the company has completed a strategic investment of US$775 million from Tether.

Regarding the transaction details, as part of the transaction, Tether purchased 103,333,333 shares of Rumble Class A common stock at a price of $7.50 per share for a total of $775 million. The company will use $250 million of the proceeds, after deducting transaction costs, to support growth initiatives. As part of the closing of the transaction, the company has successfully completed its previously announced tender offer to purchase up to 70 million shares of Class A common stock. As of the expiration date, a total of 70,061,168 shares were validly and successfully tendered and not withdrawn. Rumble subsequently accepted the purchase of 70 million shares on a pro rata basis, and fractional tenders were accepted in full, for a total of $525 million (excluding fees and expenses related to the tender offer). The depositary will immediately pay for the shares accepted for purchase and return all other shares tendered but not purchased.