The Securities and Exchange Commission (SEC) has concluded its investigation into Rumble, a popular free speech video platform, with a decision not to pursue any further action. The investigation, which drew considerable attention, was reportedly initiated following claims that Rumble had been manipulating its viewer data. These allegations, as noted by journalist Glenn Greenwald, were believed to be ideologically motivated, involving short sellers and other interested parties.
Rumble, which has gained popularity as an alternative to mainstream video hosting platforms, came under scrutiny after claims surfaced, suggesting irregularities in its data reporting. The SEC’s involvement sparked a debate about the motivations behind the investigation, with some suggesting that it was not solely based on financial concerns but also ideological differences.
Greenwald, known for his investigative journalism, highlighted the conclusion of the SEC investigation on social media, calling it a “huge win” for Rumble. He criticized the involvement of “scummy short sellers” and ideologically motivated individuals in spurring the investigation, suggesting that their claims were baseless.
Short sellers are investors who borrow a stock, sell it, and then buy it back later to return it, hoping to profit from a decline in the stock’s price.
The SEC’s decision to recommend no further action is a significant vindication for Rumble, which has consistently denied any wrongdoing. This investigation, and its final outcome is likely to fuel discussions about the role of regulatory bodies in addressing corporate practices, especially in politically polarized environments.
Congressman Byron Donalds (R-FL) expressed concerns about the potential political motives behind the SEC’s investigation into Rumble. Donalds, noting the timing of the SEC’s action amidst the 2024 presidential election cycle, speculated that the investigation could have been an attempt to influence Rumble’s role in the election. This is because Rumble is popular among political channels for its minimal censorship and political commentary.
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