The Company Behind the World's Third-Largest Cryptocurrency Just Invested $775 Million in This Little Company Taking on YouTube and AWS

Core Viewpoint - Rumble's stock has surged approximately 300% since January, reaching 52-week highs, largely due to a $775 million investment from Tether Limited's investment arm [1][11] Company Overview - Rumble aims to create internet infrastructure free from censorship and aspires to compete with major platforms like YouTube and AWS [4] - The company went public in 2022 and has not diluted shareholders through stock offerings or taken on debt [5] Financial Performance - Rumble reported a net loss of$116 million in 2023 and an additional loss of $102 million in the first three quarters of 2024 [9] - Despite the losses, Rumble has been funding its growth with cash on hand, which is viewed as a prudent strategy [10] Investment Impact - The investment from Tether has alleviated liquidity concerns for Rumble, providing the company with a longer runway for its operations [6][11] - Tether, as the third-largest cryptocurrency by market capitalization, has significant reserves, which it can leverage for investments [7][8] User Engagement - In Q3 2024, Rumble had 67 million monthly active users, a decrease from 71 million in Q3 2022, indicating a large but slightly declining user base [12] - The company faces challenges in growing revenue, particularly in attracting advertisers, which remains a headwind for its business [12]