Rumble Stock Surges as David Sacks Appointed "White House A.I. & Crypto Czar"
Shares of Rumble Inc. (RUM) are experiencing a significant rise on Friday following the announcement of David Sacks' appointment as "White House A.I. & Crypto Czar" in the upcoming administration.
President-elect Donald Trump made the announcement in a post on X, formerly known as Twitter, late Thursday. Sacks, who has been a member of Rumble's board since June 2023, will be responsible for guiding policies related to artificial intelligence and cryptocurrency, with the aim of enhancing the United States' global leadership in these areas.
Sacks' role will also encompass addressing free speech issues online, working against perceived Big Tech bias, and creating a clearer legal framework for the cryptocurrency industry. He will additionally chair the Presidential Council of Advisors for Science and Technology.
Beyond his role at Rumble, Sacks is a general partner at Craft Ventures, a venture capital fund he co-founded in 2017. His impressive background includes serving as the founding COO of PayPal, founding and leading Yammer, and making angel investments in prominent companies such as Facebook, Uber, and SpaceX.
The news of Sacks' appointment has likely contributed to the surge in Rumble's stock price, reflecting investor optimism tied to the increased visibility and influence of one of its board members in a high-profile government position. As of this writing, RUM shares are up 21.9% at $8.53, according to Benzinga Pro.