Video platform Rumble announced a SPAC deal earlier this week. The CEO confirmed Friday a partnership with a SPAC linked to Donald Trump.
What Happened: Rumble has increased its monthly active users from 1.6 million to 30 million in a one-year time period. That point was highlighted by Cantor Fitzgerald and CF Acquisition Corp VI CFVI CEO Howard Lutnick Friday in an interview with Bloomberg.
“It’s a neutral network. These guys have decided they’re going to be neutral down the middle,” Lutnick said of Rumble.
When asked if the company’s growth came from Trump and people moving from other social media platforms censoring the former president, Lutnick said it started that way and helped, but the site has attracted a following from other areas.
Lutnick also told Bloomberg that Truth Social Network, which is going public with Digital World Acquisition DWAC, isn’t a competitor but a partner.
“The Trump Media Group and DWAC SPAC are using Rumble for distrubition," he said. “I can confirm that they have an arrangement together.”
Trump Media Group is paying for distribution with Rumble on a non-exclusive basis.
Related Link: 7 Key Takeaways From The Donald Trump SPAC Deal
Why It’s Important: Trump was mentioned in the presentation from the Rumble SPAC deal as one of several celebrities who is on the platform.
Trump joined Rumble in June as he continues to face bans on other social media platforms like Meta Platforms FB, Twitter Inc TWTR and Alphabet Inc GOOGGOOGL-owned YouTube.
Trump spokeswoman Liz Harrington said earlier this year Trump joined Rumble in addition to his plans to launch his own social media platform.
“It is a great way to reach the American people in a time of unprecedented assault on free speech in our country by Big Tech tyrants,” Harrington told Reuters.
DWAC has seen strong interest by investors and traders as a play on Trump and his large following. Other stocks related to the SPAC and Trump media assets have been highly volatile in market trading.
The partnership with Trump Media and Rumble also comes after the former missed a November timeline of releasing a beta version of the Truth Social app.
Price Action: CFVI shares are up 5% to $11.11 at the time of writing. DWAC shares are down 8% to $43.35.
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