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Rumble Eyes $1.2 Billion Deal for Germany’s Northern Data

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Video-sharing platform Rumble (RUM.O), which hosts former U.S. President Donald Trump’s Truth Social, is exploring a $1.17 billion acquisition of German tech firm Northern Data (NB2.DE) to expand its global AI cloud infrastructure.

The potential deal would give Rumble control of Northern Data’s Taiga cloud business, which owns a vast inventory of high-performance Nvidia GPUs (20,480 H100s and over 2,000 H200s), as well as its Ardent data center operations. Rumble plans to integrate these into its existing services.

As part of the transaction, Tether, the world’s largest stablecoin issuer, would become a key customer with a multi-year GPU purchase commitment. Tether, which already owns 48% of Rumble and 54% of Northern Data, invested $775 million in Rumble in December 2023. Under the proposed structure, Tether would emerge as the largest single holder of Rumble’s Class A common stock, while CEO Chris Pavlovski would retain majority voting control.

Rumble is considering offering 2.319 shares for each Northern Data share, valuing the German company at around $18.3 per share—a 32% discount to its recent Frankfurt closing price. If accepted, Northern Data shareholders would hold about 33.3% of Rumble.

Northern Data’s board confirmed it is reviewing the proposal and remains open to discussions, though both companies stressed that talks may not result in a formal offer. Meanwhile, Northern Data would sell its crypto mining unit, Peak Mining, and use proceeds to repay part of a €575 million loan from Tether.

Rumble, which went public in 2021 through a SPAC deal, counts Peter Thiel and Narya Capital (co-founded by U.S. Vice President JD Vance) among its early investors.

If completed, the acquisition would significantly boost Rumble’s AI cloud capabilities and deepen ties between Rumble, Northern Data, and Tether in the fast-growing GPU-driven infrastructure market.

ByteDance Increases Valuation in Latest Share Buyback Amid TikTok Uncertainty

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TikTok parent company ByteDance is offering to buy back shares at an increased valuation, marking a positive shift in its financial outlook. The company has launched a new share repurchase program for its U.S. employees, with shares priced at $189.90 each, according to sources familiar with the matter. This represents an 11% increase from last year’s buyback price of $171 and an uptick from the $181 offer six months ago.

The revised valuation could place ByteDance’s total worth at approximately $315 billion, signaling recovery from its 2023 valuation decline. The share buyback highlights ByteDance’s robust financial standing, supported by its expanding domestic and international operations, despite looming regulatory challenges in the United States.

TikTok faces potential restrictions following U.S. Congress’ passage of a law requiring ByteDance to divest the platform by January 19 or risk a ban. The app, which has 170 million American users, briefly ceased operations in the U.S. before resuming after President-elect Donald Trump granted a 75-day delay to explore alternative solutions. Vice President JD Vance has been tasked with overseeing discussions between ByteDance and U.S. officials to find a path forward.

The ongoing uncertainty has prompted various high-profile figures to express interest in acquiring TikTok’s U.S. operations. Former Los Angeles Dodgers owner Frank McCourt is leading a bid backed by Reddit co-founder Alexis Ohanian. Another group, spearheaded by tech entrepreneur Jesse Tinsley, includes YouTube personality MrBeast (Jimmy Donaldson) and Wyoming businessman Reid Rasner.

ByteDance has not yet provided an official response regarding the buyback program or the ongoing negotiations over TikTok’s future in the U.S.

Trump’s DOJ Pick Says Resources Key in Big Tech Antitrust Cases

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Gail Slater, President Donald Trump’s nominee to lead the U.S. Department of Justice’s antitrust division, told a Senate confirmation hearing on Wednesday that resource availability would be a critical factor in pursuing high-profile cases against Big Tech.

Slater, an experienced antitrust lawyer and economic adviser to Vice President JD Vance, would oversee cases targeting monopolistic practices if confirmed as the DOJ’s assistant attorney general for antitrust.

Senator Mike Lee, a Republican from Utah and head of the antitrust subcommittee, questioned Slater about her stance on ongoing litigation against Apple, Google, and other tech giants—cases initiated during Trump’s first term and carried over into the Biden administration.

Slater acknowledged the complexities and high costs of such lawsuits. “Resources are of course a very important consideration in antitrust litigation, in taking cases further. It is very complex civil litigation and costly, so that will be a consideration,” she said. She also pledged to advocate for sufficient resources to continue enforcement.

The DOJ is actively suing Google for its dominance in online advertising markets and recently won a case confirming Google’s illegal monopoly in online search. Additionally, the DOJ and state attorneys general have accused companies like Apple, LiveNation, and Visa of anticompetitive practices.

Slater expressed her commitment to collaborating with state attorneys general from both parties on these cases.

Senator Cory Booker, the ranking Democrat on the Senate’s antitrust committee, voiced concerns about how efforts by Tesla CEO and Trump adviser Elon Musk to downsize the federal workforce could hinder the DOJ’s antitrust enforcement. “Any efforts by Musk and Trump to fire or push out federal employees charged with enforcing our antitrust laws will hurt Americans at a time when families are struggling,” Booker said.

Slater’s background includes positions at Fox Corp and Roku, as well as representing major tech firms at the now-defunct Internet Association. She began her career at Freshfields Bruckhaus Deringer and spent a decade at the Federal Trade Commission.