Conservative-leaning media companies are officially in vogue… at least with SPACs. Streaming platform Rumble announced a merger with the Cantor Fitzgerald Investment Vehicle ($CFIV), a Nasdaq-listed SPAC, to go public. 📺
Rumble is a Canadian streaming platform, gaining popularity especially among conservative leaders and politicians. The company aims to compete with the likes of Youtube and Facebook. Rumble’s CEO and founder, Chris Pavloski, commented on his goal for the platform:
“Rumble is designed to be the rails and independent infrastructure that is immune to cancel culture. We are a movement that does not stifle, censor or punish creativity and believe everyone benefits from access to a neutral network with diverse ideas and opinions.”
To most, this would be “just another SPAC.” However, $CFVI message volume on Stocktwits jumped 113% after the merger was announced. That’s because Rumble confirmed it had a relationship with the Trump Media Group. Trump Media Group went public through a similar SPAC offering with Digital World Acquisition.
A partnership has the potential to be explosive. 💣 When Donald Trump’s social media company announced its merger, the SPAC skyrocketed 300%+ in just one day. Investors have high hopes that Rumble could capitalize on the Trump Train, which is one reason why investors collected shares today: $CFIV closed +12.5%.
Rumble’s deal with $CFIV will likely close in Q2 2022, valuing the platform at $2.1 billion.