YouTube alternative claiming freedom of expression is ready to be listed on NASDAQ
Free speech video platform Rumble is going public as part of the next step in its mission to take on “Big Tech” as an alternative to YouTube.
The company announced Wednesday night that it will merge with CF Acquisition Corp., a Cantor Fitzgerald special purpose acquisition company, and expects to list on the NASDAQ under the ticker CFVI sometime after closing in the second quarter of 2022.
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“Rumble is building rails for a new infrastructure that will not be affected by the cancellation culture,” Chris Pavlovsky, founder and CEO of Rumble, said in a statement. “We are a movement that does not stifle, censor or penalize creativity and freedom of expression. We believe that everyone benefits when they have access to more ideas and diverse ideas. We’re on a mission to restore the internet to its roots by making it so free and open once again.”
“The transaction we announced today is the next step in our growth, and will provide Rumble with the additional capital needed to grow and grow its business,” Pavlovsky said.
The deal puts Rumble at an initial enterprise value of $2.1 billion, and is expected to generate approximately $400 million in revenue for the company.
Rumble, founded in 2013, hit a record 36 million active monthly users in the third quarter of 2021, a significant increase compared to its 1.6 million average monthly users in the same quarter last year. It saw explosive growth around the 2020 presidential election, as major platforms stifled conservative voices and banned reports hurting Democrats under the guise of crushing “misinformation”.
The company has seen many high-profile conservatives join its platform, most notably former President Donald Trump, whom Google-owned YouTube along with Twitter, Facebook, Instagram and other platforms on January 6th attacked the US Capitol. was banned. crowd of his supporters.
But Pavlovsky told Granthshala Business earlier this year that Rumble welcomes users of all Stripes.
“We are building a fair ecosystem for everyone, whether you are on the left or on the right,” he said at the time. “We welcome anyone to our platform and we encourage everyone to use our platform, whatever your thoughts.”
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Toronto-based company – that will be soon Headquarters in Florida — May got a big boost with investments from billionaire Peter Thiel and venture capital firm Nari Capital, founded by author J.D. Vance, who is currently running for the US Senate in Ohio.
Pavlovsky told Granthshala Business at the time, “So far, our constraints have been the fact that we’ve been bootstrapped and we’ve had to really scale down services internationally. This investment is really taking away our constraints.” And going to allow us to move forward in a very big way.”