In light of an investigation by the Securities and Exchange Commission (SEC) into free speech platform, Rumble, Congressman Byron Donalds (R-FL) has voiced concern that the actions of the regulator may be politically motivated and potentially impact the 2024 presidential election.
Rumble has seen a surge in popularity, especially among political channels, due to its advocacy for free speech. This appeal is largely in response to increasing concerns about content censorship on platforms like YouTube and Facebook.
The platform’s stance as a champion of free speech has attracted users and creators who feel their views are suppressed elsewhere. Political commentators have flocked to Rumble as it is perceived to have less restrictive content moderation policies and does not force content creators to uphold certain narratives.
As reported by Breitbart, Donalds’ apprehensions were conveyed in a detailed letter addressed to SEC chairman, Gary Gensler.
The investigation of Rumble pivots on allegations against the company’s user metrics. According to a report from activist investment group Culper Research, which has an active short position in the social media platform (meaning that would profit if Rumble’s stock drops), Rumble is accused of boosting its reported monthly active user count.
Since these allegations, Rumble’s stock price has increased dramatically, showing consumer and investor confidence in the company.
With the gears of the presidential election cycle turning, Donalds expressed concerns about the timing of the investigation. The implications of it seem to suggest an intention to control Rumble’s impact in the 2024 election through the pressure of continuous legal proceedings.
Consequently, he sought some clarifications from Gensler.
He queried whether there had been any communication between Culper Research and the SEC, and if the SEC’s decision to investigate Rumble was influenced by the research firm’s report. Additionally, he questioned the possibility of interference by the Biden administration in the ongoing SEC inquiry into Rumble.
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