SPAC CF Acquisition (NASDAQ:CFVI), which agreed last week to take YouTube's competitor Rumble public, jumped 20% in premarket trading after climbing almost 13% on Friday on a report that the former President Trump's Truth Social will pay Rumble for distribution and other services.
Cantor Fitzgerald CEO Howard Lutnick, whose firm stated CF Acquisition (CFVI), said in a Bloomberg TV interview on Friday that Trump’s Truth Social social media platform has a deal with Rumble for distribution.
"I can confirm that they have an arrangement together where Truth Social is going to be paying Rumble to do distribution," Cantor Fitzgerald CEO Lutnick said on Bloomberg.
The Rumble news comes as Digital World Acquisition Corp. (NASDAQ:DWAC) confirmed on Saturday a $1B PIPE investment for Trump’s s social media company Trump Media & Technology Corp. DWAC rose 6.1% in premarket trading.
"$1 billion sends an important message to Big Tech that censorship and political discrimination must end," Trump said in a statement. "America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology."
The Rumble deal is expected to close in the second quarter of 2022. Upon the closing of the transaction, Chris Pavlovski, the founder and CEO of Rumble, will retain voting control.
Recall in May, Rumble CEO discusses round of investment in conservative alternative to social-media "preferencing."
I believe this may be the "FOX News" of the electronic media world as a good percentage of the country seems tired of the new cancel culture. And please, let's leave politics out of our investment decisions, whether you personally agree with Google/YouTube, Twitter or Facebook's censoring policies, a large portion of the world does not. It seems free speech tends too go over well not just in U.S. but in the rest of the world as well. Rumble obviously fills a need or it would not have grown so quickly, so like FOX, it may continue to grow and became quite profitable over time, will shall see...
@jnkman: Many conservatives have deserted Fox news, since they are leaning more left. IMO, Fox Business is probably still worth watching, although I admit I have not watched it recently, as I do not waste my money on cable.
@Chancer You may be correct about Fox News losing some of it's more conservative audience, but my point is Fox filled a need when they first came on the scene years ago and I look at Rumble in the same way. More as a libertarian site focused on free speech, which often sells well to the left, right and center of the political spectrum. After all, what group wants to be "cancelled", censored or marginalized by a social media site?
@jnkman@Chancer The same Fox News that called the state of virginia for a candidate with only 3% of the vote reported? The same Fox News who’s director interrupted a segment to tell the anchor not to mention George Soros name who then repeated what was said like a puppet, followed by dead air and cut to commercial?Does controlled opposition mean anything to you?
