Video sharing platform Rumble announced that it has completed a strategic investment of $775 million from Tether

ChainCatcher news, video sharing platform and cloud service provider Rumble (NASDAQ: RUM) announced that the company has completed a strategic investment of $775 million from Tether.

Regarding the details of the transaction, as part of the deal, Tether purchased 103,333,333 shares of Rumble Class A common stock at a price of $7.50 per share, for a total amount of $775 million. The company will use $250 million of this amount to support growth plans after deducting transaction fees. As part of the completion of the transaction, the company has successfully completed the 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As of the expiration date, a total of 70,061,168 shares were validly and successfully tendered and not withdrawn.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, with odd lot tenders being accepted in full, for a total amount of $525 million (excluding fees and expenses related to the tender offer). The depositary will immediately pay for the accepted shares and return all other tendered but unpurchased shares.