Rumble, a conservative video platform supported by Peter Thiel, saw its stock rise 40% in its first day as an open-ended company.
Rumble Inc. went public on Monday, following a successful SPAC voting last week. Shareholders of Cantor Fitzgerald acquisition Corp. VI, which is a special purpose acquisition firm, voted in support of the addition. The company was valued at more than 2 billion dollars.
Rumble’s first day was opened on the New York Stock Exchange for $12.04 and has since climbed to $18.52 Settling at $16.81At the bell. After-hours trading saw it fall more than 2%
The conservative platform was founded by billionaire Peter Thiel and attracted many QAnon influencers, who were expelled from social media.
Rumble is traded under the ticker hand “RUM,” says it has 78 million global monthly viewers and will launch exclusive shows from actor Russell Brand and journalist Glenn Greenwald, according to CNBC.
The company boasts that it does “not stifle, censor, or punish creativity and freedom of expression,”It is also associated to a similar platform, as it manages advertising sales for Truth Social. Truth Social was founded by former President Donald Trump, who was banned from major social media networks such as Facebook, Instagram, and Twitter.
“We create technologies that are immune to cancel culture. Because everyone benefits when we have access to more ideas, diverse opinions, and dialogue,” the website’s mission reads. “Join us. We are on a mission to protect a free and open internet.”
The platform has also certainly positioned themselves as YouTube’s competitor, Say it “We are hearing that YouTube is testing 5 ads before a video starts. Unless creators specifically choose to do that on their own channel, Rumble will never do such a thing.”
“Rumble Ads will have far more creative ways to generate revenue for creators without harming the audience,”The company stated in a tweet that creators should be able to decide how to monetize their channels.