December 23, 2024
On December 20, Willkie client Rumble Inc. (NASDAQ:RUM), the video-sharing platform and cloud services provider, announced that it has entered into a definitive agreement for a strategic investment of $775 million from Tether ($USDT), the largest company in the digital assets industry and the most widely used dollar stablecoin across the world with more than 350 million users.
The company will use $250 million of the proceeds to support growth initiatives and the remaining proceeds to fund a self tender offer for up to 70 million shares of its Class A Common Stock, at the same price ($7.50 per share) as Tether’s investment. Following the completion of the transaction, Chris Pavlovski, Rumble’s Chairman and CEO, will retain his controlling stake in the Company. The investment and the tender offer are expected to close in the first quarter of 2025.
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.
Tether is a pioneer in the field of stablecoin technology, driven by an aim to revolutionize the global financial landscape. With a mission to provide accessible and efficient financial, communication, artificial intelligence, and energy infrastructure. Tether enables greater financial inclusion, and communication resilience, fosters economic growth, and empowers individuals and businesses alike.
The Willkie team was led by partners Russell Leaf, Sean Ewen and Julian Golay and associate Teddy Witt.
