Peter Thiel-backed US conservative video network valued at $2bn    

Rumble — backed by billionaire Peter Thiel — was founded in 2013, but its video-sharing service didn’t really take off until recently.

Rumble, the conservative video network backed by billionaire Peter Thiel, became a publicly traded company through a deal with a blank-cheque firm that will value the business at more than $2bn. 

The merger with CF Acquisition, a special purpose acquisition company backed by Wall Street firm Cantor Fitzgerald, will deliver $400m in proceeds to Rumble. The company is one of a growing number of alternative media sites attracting new users as US political divisions intensify. 

Other conservative apps, including Parler, Gettr and Donald Trump’s Truth Social, have all been downloaded millions of times globally.

Rumble was founded in 2013, but its video sharing service didn’t really take off until recently. During the 2020 election and its aftermath, some conservatives grew frustrated with content moderation policies on large tech platforms that they said unfairly restricted their speech around topics including the pandemic and the January 6 US Capitol riots.

App installations

In the month of August, Rumble’s monthly app installs surged by 250%, pushing the company’s total installations to 7 million, according to data from research firm Sensor Tower. Competing apps Parler, Gettr, and Truth Social have been installed 11.4 million, 7.2 million and 3.3 million times respectively, Sensor Tower data show.

Rumble plans to use some of the proceeds from its Spac deal to bring more creators to its platform and attract a larger audience. The platform now features daily live shows from the likes of Glenn Greenwald and Russell Brand that are exclusive to the platform. It also hosts right-wing commentator Dan Bongino along with other high-profile US conservatives. 

Bloomberg