Why Rumble Stock Was Up 83% in December
Share prices of video-streaming platform Rumble (NASDAQ: RUM) were up 83.2% during December, according to data provided by S&P Global Market Intelligence. And when all was said and done, the entirety of the monthly gain happened in a single day.
Through Dec. 20, Rumble stock was only up 1%. But after the market closed that day (a Friday), the company announced that the world's third largest cryptocurrency -- Tether (CRYPTO: USDT) -- had invested $775 million in its business. When the market reopened on Monday morning, Rumble stock skyrocketed.
Rumble stock went on to climb about 130% total for December before pulling back slightly to end the month. By the time 2024 ended, Rumble stock was back where it was on Dec. 23. But this 83% gain stood out from the S&P 500 which dropped 2.5% during the month.
Source Fool.com
