I came across some truly bizarre information today. Hedge fund Citadel LLC is a major funder of Rumble, a video website known for promoting conspiracies on vaccines and elections:
A simple search for the word “vaccine” on Rumble’s homepage returned three times more videos with misinformation than accurate claims, according to research published in Wired Magazine. Rumble’s presentation and distribution of video content amplified misinformation about vaccines and elections more than any other topics, according to the study’s findings.
Citadel is deeply involved:
When Rumble went public on December 1st, 2021, it did so with significant financial backing of Ken Griffin’s Chicago-based hedge fund, Citadel Advisers. The Chicago-based hedge fund pooled together funds in February of 2021 to form a a special-purpose acquisition company or “SPAC” (CF Acquisition Corp. VI VI). The Griffin-backed shell company officially “merged” with Rumble. It holds 826,864 shares in Rumble, which are now worth $8,028,849 and amounts to the fifth largest holding position in Rumble.
Sure enough, when I searched “vaccine” on Rumble just now, unproven conspiracies dominated the results:
If Citadel is anything like most hedge funds, its investors are almost all institutions: university endowments, pension funds, charitable endowments, etc. The last thing they want is controversy.
Citadel is seriously jeopardizing its reputation and investor base by being involved in a company like this. Even as someone who only invests his own capital, I wouldn’t touch Rumble.
This comes in addition to CEO Ken Griffin personally funding lawmakers like Devin Nunes who refused to certify the election.
If you’re one of the richest men in the country, you already have a target on your back. If you use those billions to fund conspiracy theorists and get your investors involved without their consent, you’re asking for trouble.
Expect to see politicians and investors piling on Citadel in ever greater numbers.
What do you think of Citadel investing in Rumble? Leave a comment at the bottom and let me know!
This is the last blog for this week. See you Monday and have a great weekend!
More on markets:
Citadel Can’t Beat the S&P 500, Despite High Fees
How Solana Could Wipe Out Visa and MasterCard
AMC Fails to Deliver Soar Past 400,000
Photo: Citadel LLC CEO Kenneth Griffin
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