Video platform Rumble is going public
- Dan Primack, author of Axios Pro Rata
Photo: Tiffany Hagler-Geard/Bloomberg via Getty Images
Rumble, a user-generated video platform, agreed to go public at an implied $2.1 billion valuation via CF Acquisition Corp VI (Nasdaq: CFVI), a SPAC sponsored by Cantor Fitzgerald.
Why it matters: Rumble has become the favored YouTube alternative for Trump-type Republicans, claiming 36 million average monthly users in Q3 2021.
Details: The deal includes a $100 million PIPE and the ability for existing Rumble shareholders to earn additional stock based on price hurdles of $15 and $17.50. Toronto-based Rumble's VC backers include Peter Thiel, J.D. Vance's Narya and Colt Ventures.
Bonus: Trump's own social media SPAC deal is seeking up to $1 billion in PIPE financing, although it's been tough sledding, per Reuters.
The bottom line: Wall Street is cashing in on so-called "cancel culture."