February has been kind to CF Acquisition Corp. VI (NASDAQ:CFVI) so far. Today, shares of CFVI stock closed up over 6%, while shares have increased over 8.5% since the start of February. As a refresher, CF Acquisition is a special purpose acquisition company (SPAC) that agreed to enter into a business combination with Rumble last December. In addition, the business combination was valued at an enterprise value of $2.1 billion. Rumble operates as a video and social media platform that is “immune to cancel culture.” Last year, the platform entered into a partnership with former President Donald Trump.
Today, Rumble announced impressive growth on its video platform. The company reported that 10.8 billion minutes of videos were watched in January, with 4,383 hours of videos uploaded daily. In addition, monthly average users (MAUs) increased by 19% month-over-month to 39 million.
Rumble CEO Chris Pavlovski was receptive of Rumble’s growth and believes that engagement on Rumble will only continue to grow. He added that, “it’s clear that we are witnessing a major shift on the internet. Users are sending a clear message that platforms supporting the free and open internet will be the future.”
So, what else should investors know about Rumble’s record month? Let’s jump right in.
CFVI Stock: 6 Things to Know About Rumble’s Impressive Growth
- Rumble’s mission is to operate an independent infrastructure platform that will “restore the Internet to its roots by making it free and open once again.”
- During January, Rumble experienced a 27% increase in minutes watched. Additionally, the video platform also reported 14% growth on hours of videos uploaded per day.
- Rumble’s partnership with Trump involves Trump Media and Technology Group (TMTG), which has entered into an agreement with Digital World Acquisition (NASDAQ:DWAC), another SPAC. TMTG is expected to launch its “Twitter clone” application on Feb. 21.
- The partnership will have Rumble deliver video, cloud and streaming services for Truth Social. Truth Social is a subsidiary of TMTG.
- Rumble saw a major uptick in users after Trump lost the 2020 presidential election. That year, monthly active users rose from 2 million to 20 million.
- The Rumble SPAC business combination is expected to close during the second quarter of this year.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2022/02/cfvi-stock-alert-6-things-to-know-about-the-record-rumble-spac-merger-news/.
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