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Rumble Shares Spike After TikTok Acquisition Rumour
The company was founded by Canadian technology entrepreneur Chris Pavlovski in 2013. Pavlovski fashioned Rumble as an alternative to YouTube for creators who he deemed as marginalized in the mainstream. The company’s cloud services business also hosts Truth Social, the social media platform created by Donald Trump after his forced exit from Twitter.
US President Joe Biden recently said that he would proceed with a ban on the Chinese-operated social media app TikTok if the bill came across his desk. A bill that is on its way to the House floor points to concerns that the Chinese ruling party can access user data. Meanwhile, Rumble CEO Chris Pavlovski said that Rumble is ready to join a consortium with other parties to acquire and operate TikTok within the United States.
Investors can expect to see Rumble’s fourth quarter (Q4) and full year fiscal 2023 earnings on Wednesday, March 27, 2024. In Q3 FY2023, the company reported global Monthly Active Users (MAUs) of 58 million. Moreover, average estimated minutes watched per month climbed 19% to 10.7 billion. As of September 30, 2023, Rumble reported cash, cash equivalents, and marketable securities of approximately $267 million.
The ongoing questions surrounding TikTok in the United States will be well worth monitoring for investors in the months ahead. Meanwhile, Rumble is on track for solid revenue growth going forward.
