Rumble Stock Price Increased by 15%, Bringing Its Weekly Gain to 65%

Rumble Stock

Rumble Stock (NASDAQ:RUM)

Rumble (NASDAQ:RUM), a video platform seen by some as a more conservative alternative to YouTube, had a 16% increase in its share price on Friday and a 65% increase this week.

Elon Musk, CEO of Tesla and a billionaire, has finished buying the social media behemoth Twitter for $44 billion, leading to astronomical advances for the company.

The decision also comes after Google said on Tuesday in its earnings report for the third quarter that ad income on YouTube dropped by 2% to $7.1 billion, which is approximately $400 million less than what industry experts had anticipated. In addition, Google said that during the third quarter, several advertisers increased their cutbacks on the amount of money they spent on advertisements.

Some investors may see Google’s failure to acquire YouTube as a potential win for Rumble stock. There was apparently no other piece of news that may explain the surge in Rumble’s price this week, save a lot of good remarks on social media, namely on Stocktwits and Twitter.

Rumble, managed by CEO Chris Pavlovski, garnered a great deal of attention this year as an alternative platform for YouTube, as well as when it announced a partnership with the social media firm owned by former President Donald Trump and his platform Truth Social.

The Rumble price increased on Friday, even though on Thursday, a brief article from the Bear Cave caused the shares of the video platform to drop by 13%.

Featured Image-  Megapixl @ Rafaelhenriquepress

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About the author: I'm a financial journalist with more than 1.5 years of experience. I have worked for different financial companies and covered stocks listed on ASX, NYSE, NASDAQ, etc. I have a degree in marketing from Bahria University Islamabad Campus (BUIC), Pakistan.