What HappenedThe combined company will operate as Rumble Inc. and will be listed on the Nasdaq under the ticker symbol "RUM." Trading in the stock of the combined company will begin on Monday, contingent on the closing of the transaction on Friday.
CFVI is a blank cheque company led by Cantor Fitzgerald’s CEO Howard Lutnick.
Rumble, meanwhile, is a video-sharing platform for publishers and creators and is dually headquartered in Longboat Key, Florida, and Toronto, Canada. The venture founded by Chris Pavlovski in 2013, has been created as an alternative platform to Alphabet Inc.’s YouTube.
Why It's ImportantRumble has emerged as an alternative social media platform as a result of former President Donald Trump and his right-wing supporters’ war against online censorship on social platforms, said The Verge.
Rumble said on Thursday that, in the second quarter, its user base increased by 76 percent year-over-year to a record 44 million average monthly active users. Additionally, user engagement increased 62 percent to 8.1 billion minutes per month, and uploaded content rose to a record 8,948 video hours per day, up 283 percent.