YouTube Rival Rumble will go public Monday after successful SPAC vote: What you need to know
Video-sharing platform Rumble is set to debut on Wall Street on Monday after CFVI shareholders of special-purpose acquisition firm CF Acquisition Corp. VI voted in favor of his proposed combination with the company on Thursday.
What happened: The combined company will operate as Rumble Inc. and will be listed on Nasdaq under the symbol "RUM". Trading in the shares of the combined company will begin on Monday, subject to the closing of the transaction on Friday.
CFVI is a blank check company run by Cantor Fitzgerald CEO Howard Lutnick.
Rumble, on the other hand, is a video-sharing platform for publishers and creators and is headquartered in Longboat Key, Florida, and Toronto, Canada. The company founded by Chris Pavlovski in 2013, was created as an alternative platform to Alphabet Inc.'s GOOGL GOOG YouTube.
See also: 'Neutrality as a service': How this analyst says Rumble could win the social media and video market< /em>
After remaining under the radar for some time, the platform has risen to prominence over the past few years as a platform for streaming banned content, especially from right-wingers. It hosts channels for banned YouTube content, like Steve Bannon's War Room podcast and Alex Jones' Infowars show.
Why it matters: Rumble emerged as an alternative social media platform following former President Donald Trump and his right-wing supporters' war on online censorship on social platforms, said The Verge.
Rumble said Thursday that in the second quarter, its user base grew 76% year-over-year to a record 44 million monthly active users means. Additionally, user engagement increased 62% to 8.1 billion minutes per month, and content uploaded reached a record 8,948 hours of video per day, up 283%.< /p>
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Video-sharing platform Rumble is set to debut on Wall Street on Monday after CFVI shareholders of special-purpose acquisition firm CF Acquisition Corp. VI voted in favor of his proposed combination with the company on Thursday.
What happened: The combined company will operate as Rumble Inc. and will be listed on Nasdaq under the symbol "RUM". Trading in the shares of the combined company will begin on Monday, subject to the closing of the transaction on Friday.
CFVI is a blank check company run by Cantor Fitzgerald CEO Howard Lutnick.
Rumble, on the other hand, is a video-sharing platform for publishers and creators and is headquartered in Longboat Key, Florida, and Toronto, Canada. The company founded by Chris Pavlovski in 2013, was created as an alternative platform to Alphabet Inc.'s GOOGL GOOG YouTube.
See also: 'Neutrality as a service': How this analyst says Rumble could win the social media and video market< /em>
After remaining under the radar for some time, the platform has risen to prominence over the past few years as a platform for streaming banned content, especially from right-wingers. It hosts channels for banned YouTube content, like Steve Bannon's War Room podcast and Alex Jones' Infowars show.
Why it matters: Rumble emerged as an alternative social media platform following former President Donald Trump and his right-wing supporters' war on online censorship on social platforms, said The Verge.
Rumble said Thursday that in the second quarter, its user base grew 76% year-over-year to a record 44 million monthly active users means. Additionally, user engagement increased 62% to 8.1 billion minutes per month, and content uploaded reached a record 8,948 hours of video per day, up 283%.< /p>
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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