Why CF Acquisition Corp. VI increased by 14% today
Ah, the power of the celebrity scream. Ad hoc acquisition company (SPAC) CF Acquisition Corporation VI (CFVI 13.62%), which if all goes as planned will be the vehicle that will take the Rumble video site public, can certainly attest to that. CF shares rose nearly 14% on Tuesday, driven almost exclusively by several mentions on a popular podcast.
In Tuesday’s edition of The Joe Rogan Experience, the namesake host has mentioned Rumble positively several times during discussions with his guests. Regarding the video site, Rogan said, “They start doing stuff where they get bigger and bigger names…and if they do, and it gets pretty popular, and they can work like they do it now, without censorship, it’s a very interesting alternative.”
Rumble has positioned itself as a “free and open” alternative to top video sites, such as Alphabet‘s YouTube – which heavily involves censoring views that don’t align with their philosophies.
Rogan is no stranger to Rumble. Earlier this year, the site offered the wildly popular podcaster $100 million to migrate from his show’s current home, Spotifybut Rogan refused, stating in one of his comedic appearances that “Spotify got me hooked, inexplicably. Let’s see what happens.”
While it’s always nice for investors when a famous person talks about their company, in the end it rarely makes a difference to its operations. I don’t think today’s gain is indicative of the overall sentiment on CF Acquisition, which remains wobbly in light of the struggles of Digital World Acquisition Corp.
Digital World is the SPAC linked to Trump Media and Technology Group, which controls the struggling social media site Truth Social which features content from former President Donald Trump.
Suzanne Frey, an executive at Alphabet, is a board member of The Motley Fool. Eric Volkman has no position in the stocks mentioned. The Motley Fool has positions in and recommends Alphabet (A shares), Alphabet (C shares) and Spotify Technology. The Motley Fool has a disclosure policy.