Why Rumble Stock Skyrocketed to a 52-Week High Today
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After the market closed on Friday, technology company Rumble (NASDAQ: RUM) announced that Tether (CRYPTO: USDT) will invest $775 million. Considering Rumble was valued at around $2 billion when the investment was announced, the investment is massive. And that's why Rumble stock was up a stunning 66% as of 10:15 a.m. ET.How Tether has that much money lying around is another subject for another day. But when it comes to Rumble, investors are responding favorably to news of the investment because this business loses a ton of money and it could use the help.Just consider its year-to-date numbers. Through the first three quarters of 2024, Rumble has lost nearly $102 million. And a big reason for this is its negative gross margin of 59% so far this year. In other words, it costs more to provide its services than it generates in revenue. And then it still has to pay for operating expenses.Continue readingWeiter zum vollständigen Artikel bei MotleyFool
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Quelle: MotleyFool
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