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."
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