YouTube Rival Rumble To Go Public On Monday After Successful SPAC Vote: What You Need To Know
Video sharing platform Rumble is all set to debut on Wall Street on Monday after special purpose acquisition company CF Acquisition Corp. VI's (NASDAQ:CFVI) shareholders voted in favor of its proposed business combination with the company on Thursday.
What Happened: The 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 (NASDAQ:GOOGL) (NASDAQ:GOOG) YouTube.
See also: 'Neutrality As A Service': How This Analyst Says Rumble Could Win The Social Media, Video Market
After remaining under the radar for a while, the platform rose to prominence over the past few years as one which provides scope for putting out banned content, especially from right-leaning people. It hosts channels for content banned from YouTube such as Steve Bannon’s War Room podcast and Alex Jones’ Infowars show.
Why It's Important: Rumble 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% year-over-year to a record 44 million average monthly active users. Additionally, user engagement increased 62% to 8.1 billion minutes per month, and uploaded content rose to a record 8,948 video hours per day, up 283%.