Peter Thiel-Backed Video Platform Rumble Starts Trading After SPAC Deal
Rumble is one of a growing number of conservative media sites.
By Lizette Chapman
September 19, 2022
Rumble Inc., the conservative video network backed by billionaire Peter Thiel, became a publicly traded company Monday through a deal with a blank-check firm that will value the business at more than $2 billion. The shares rose as much as 40% during the company’s first day of trading.
The merger with CF Acquisition Corp. VI, a special purpose acquisition company backed by Wall Street firm Cantor Fitzgerald, will deliver $400 million in proceeds to Rumble. The company, which trades under the ticker symbol RUM, is one of a growing number of alternative media sites attracting new users as US political divisions intensify. Other conservative apps, including Parler, Gettr and Donald Trump’s Truth Social, have all been downloaded millions of times globally.
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In the month of August, Rumble’s monthly app installs surged by 250%, pushing the company’s total installations to 7 million, according to data from research firm Sensor Tower. Competing apps Parler, Gettr and Truth Social have been installed 11.4 million, 7.2 million and 3.3 million times respectively, Sensor Tower data show.
Rumble plans to use some of the proceeds from its SPAC deal to bring more creators to its platform and attract a larger audience. The platform now features daily live shows from the likes of Glenn Greenwald and Russell Brand that are exclusive to the platform. It also hosts right-wing commentator Dan Bongino along with other high-profile conservatives.
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