Rumble is ready for a $2 billion SPAC

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The far-right’s favorite video sharing platform, Rumble, is set to go public next week after a successful shareholder vote on Thursday.

Rumble was founded in 2013 by CEO Chris Pavlovski as an alternative to Google’s algorithmic approach to surfacing content on YouTube. After operating largely under the radar, the platform has grown in popularity over the last few years, with users on the right seeking out content that’s been banned from YouTube, like Steve Bannon’s War Room podcast and Alex Jones’ Infowars show.

The blank check company Cantor Fitzgerald Acquisition Corp. VI is scheduled to take the company public in a deal worth over $2 billion on Monday under the ticker “RUM.”

Rumble has been one of the most successful alternative social media companies to come out of former President Donald Trump and the right’s war against alleged online censorship on major social platforms. Similar to other alternative social media sites like Gettr, Rumble has chased audience gains by securing exclusive shows hosted by celebrities and popular political pundits like Glenn Greenwald.

Ahead of Thursday’s shareholder vote, Rumble announced that it hit a record 44 million average monthly users, a 76 percent jump from the second quarter of 2021. It also started rolling out its own advertising platform, a first for the alternative social media space and a major competitive revenue play. Pavlovski said in the August Rumble ads press release that the launch was another attempt to challenge Google’s online dominance.

“I’ve always wanted to see competition from Google AdSense and Ad Exchange,” Pavlovski said.

Truth Social, Trump’s competing conservative social network, was the first platform to sign up for Rumble’s ad network. Before the partnership, Truth Social didn’t display any ads and was struggling to turn a profit and pay its vendors. Last week, Truth Social was set to merge with Digital World Acquisition Corp., the special purpose acquisition company (SPAC) that would take the company public, but regulatory scrutiny and Trump’s latest legal battles have continued to hold up the deal. The SPAC is scheduled to meet next month to finish voting to delay the merger after securing stopgap funding.

Source: The Verge

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