Why Rumble Stock Is Gaining Today
After a rapid upward shift in previous days, Rumble (NASDAQ: RUM) stock was gaining again in Tuesday morning trading. The share price was up 3.7% as of noon ET, though it had been up by as much as 17.2% earlier in the session.
On Friday, Rumble announced that it's on track to receive a large investment from Tether -- the company behind the Tether (CRYPTO: USDT) stable-coin cryptocurrency. Tether has agreed to invest $775 million in the streaming video specialist, and it's receiving new bullish meme-stock attention as a result.
Tether will be purchasing 103 million shares of newly created Rumble stock at a price of $7.50 per share. The streaming video specialist will be using $250 million of the proceeds to fund growth initiatives. The remaining proceeds will be used to buy back stock from current shareholders at a price of $7.50 per share.
Source Fool.com
