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Ryan Milnes, a director at Rumble Inc. (NASDAQ:RUM), a company currently valued at $2.62 billion, sold a significant portion of his holdings in the company, according to a recent SEC filing. InvestingPro data shows the stock has experienced significant volatility, with a notable 94.26% gain over the past six months despite a recent 14.93% decline in the past week. On February 7, Milnes sold 24,978,210 shares of Class A common stock at a price of $7.50 per share, totaling approximately $187.34 million. This transaction was part of Rumble’s self-tender offer that closed on the same date. Following the sale, Milnes no longer holds these shares directly. Additionally, Milnes has indirect ownership through 2286404 Ontario Inc., a company he wholly owns, which retains voting and dispositive power over certain shares. According to InvestingPro analysis, Rumble currently trades slightly below its Fair Value, with 12 additional ProTips available to subscribers covering crucial aspects of the company’s financial health and market position.
In other recent news, Rumble Inc. has seen significant developments. The company announced the inauguration of an official White House channel on its platform, potentially increasing its visibility and user base. In addition, Rumble disclosed the departure of its General Counsel and Corporate Secretary, Michael Ellis, who will leave to take up a new role in government service.
In the midst of these changes, Rumble also welcomed Katie Biber as a new independent director to its Board following the resignation of Ethan Fallang. The company further reported a record-breaking number of concurrent creator livestreams, demonstrating significant growth.
Rumble also received a substantial investment from Tether, a leading company in the digital assets industry. Although the specific terms of the deal were not disclosed, the $775 million investment is expected to bolster Rumble’s position in the market. As these developments unfold, investors will likely monitor how these changes impact the company’s strategic decisions and growth strategies.
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