MULN - Rumble (RUM) Stock Plunges on Second Trading Day
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Rumble (NASDAQ:RUM) stock is on the move Tuesday as the YouTube alternative is seeing volatility during its second day of trading.
Rumble went public yesterday through a special purpose acquisition company (SPAC) merger with CF Acquisition Corp VI. This saw the free speech YouTube rival switch the CFVI stock ticker to the new RUM stock ticker.
Shares of RUM stock ended up surging higher on its first day of trading Monday. However, we’re starting to see those shares lose value throughout Tuesday. That’s not all that surprising even without specific news today.
Instead, it’s likely that were seeing volatility surrounding RUM stock due to its recent public debut. Companies going public recently have been dealing with this as speculative traders push share prices higher before dropping them.
RUM Stock is Seeing Less Activity Today
In the case of RUM stock, today’s trading volume is incredibly low at 6.6 million shares. That’s worth noting as the daily average trading volume for the video company’s shares is sitting at about 19.3 million shares.
Rumble is specifically targeting freedom of speech advocates with its video streaming service. The company seeks to “be immune to cancel culture,” while also restoring “the Internet to its roots by making it free and open once again.”
RUM stock is down 13% as of Tuesday morning.
Investors looking for more stock market news are in luck!
InvestorPlace has all of the hottest stock market news traders need to know about for Tuesday! Among that is what has shares of Mullen Automotive (NASDAQ:MULN), Renovacor (NYSEMKT:RCOR), and Social Capital Hedosophia VI (NYSE:IPOF).
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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