Rumble Inc (NASDAQ:RUM) founder and chief executive Chris Pavlovski has told investors he doesn’t plan to sell any of his shares when ‘lock-up’ restrictions expire later this month.
The man behind the Youtube-challenger app, which has proved popular with right-wing content creators and audiences, holds around 44% of the company following a SPAC deal that brought it to market on 16 September 2022.
“When the lock-up is lifted, it will become evident who truly stands for free speech and who has other motivations. I, for one, remain deeply and passionately committed to our mission to protect a free and open internet,” Pavlovski said in a statement.
“I did not take Rumble public just to sell my shares as soon as I can, and therefore have no plans to sell.”
Pavlovski owns 140.18 million shares in Rumble, a 44.6% stake, and the lock-up ends on 16 September 2023.
Rumble, a Canadian company headquartered in Toronto, in its own words, is “creating the rails and independent infrastructure designed to be immune to cancel culture.”
The online video platform is being used as a media partner for the upcoming Republican primary debates.
Content creators to have published content on Rumble include Andrew Tate, Alex Jones, Steven Crowder, and Donald Trump.
In New York, Rumble stock was priced at around US$7.84, down 0.5%, with a market value of around $2.2 billion.
After spiking higher, immediately, after gaining its listing last September – up to a high of nearly $17.00 – the Rumble price has subsequently given up close to 40% in the past year.