Rumble Shares Rise as CEO Eyes Bitcoin Strategy Amidst Mixed Earnings Report

November 21, 2024
Rumble Shares Rise as CEO Eyes Bitcoin Strategy Amidst Mixed Earnings Report
  • Despite these challenges, Rumble's primary business focus remains its streaming platform, and investors should not overlook the company's core operations.

  • Ultimately, the decision to adopt Bitcoin will require approval from Rumble's board of directors, despite strong public support.

  • The company's CEO, Chris Pavlovski, expressed interest in this move, which coincided with a rise in Rumble's shares during U.S. trading on November 19, 2024.

  • To gauge public sentiment, Pavlovski utilized a poll on X (formerly Twitter), which revealed that over 90% of respondents supported the proposal to add Bitcoin to Rumble's treasury.

  • Prominent Bitcoin advocate Michael Saylor responded positively to the poll, offering to discuss Bitcoin investment strategies with Pavlovski.

  • However, Rumble's latest quarterly report showed sales below Wall Street expectations, raising concerns about its long-term growth and user engagement.

  • This growing interest in Bitcoin among companies indicates an increasing acceptance of cryptocurrency and blockchain technology in mainstream business practices.

  • Rumble reported $25.1 million in revenue for the third quarter of 2024, reflecting a 39% increase year-on-year, although it still missed analyst estimates.

  • Following the initial excitement around the Bitcoin proposal, Rumble's stock experienced a slight rally but cooled after reaching $6, as it had previously suffered a 25% drop due to disappointing earnings.

  • Rumble Inc., a video-sharing platform with a significant user base of 67 million monthly active users, is considering adding Bitcoin to its balance sheet as part of its investment strategy.

  • If Rumble proceeds with the acquisition, it would join other companies like Genius Group and Metaplanet that have recently invested in Bitcoin, reflecting a broader trend of corporate adoption of cryptocurrency.

  • Despite potential investments in cryptocurrency, Rumble faces challenges with its current user growth and monetization levels, which could impact its future viability.

Summary based on 5 sources


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Sources

Why Rumble Stock Jumped Today

The Motley Fool • Nov 20, 2024

Why Rumble Stock Jumped Today



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