Why CF Acquisition Corp. VI Blasted 14% Higher Today – The Motley Fool

What happened

Ah, the power of the celebrity shout-out. Special purpose acquisition company (SPAC) CF Acquisition Corporation VI (CFVI -2.36%), which if all goes according to plan will be the vehicle bringing video site Rumble public, can certainly attest to that. CF's shares shot nearly 14% higher on Tuesday, thanks almost exclusively to several mentions on a popular podcast.

On Tuesday's edition of The Joe Rogan Experience, the namesake host positively mentioned Rumble several times in discussions with his guests. Regarding the video site, Rogan said, "They're starting to do some stuff where they are getting bigger and bigger names... and if they do that, and it becomes popular enough, and they can operate the way they are doing now, with no censorship, it's a very interesting alternative."

Rumble has positioned itself as a "free and open" alternative to top video sites -- like Alphabet's YouTube -- which it strongly implies censor views that don't align with their philosophies.

Rogan is hardly a stranger to Rumble. Earlier this year the site offered the highly popular podcaster $100 million to migrate from his show's current home, Spotify, but Rogan turned it down, stating in one of his standup comedy appearances that "Spotify has hung in with me, inexplicably. Let's see what happens."

While it's always nice for investors when a famous person talks up their company, at the end of the day it rarely makes any difference to its operations. I don't think today's gain is indicative of the general sentiment on CF Acquisition, which remains wobbly in light of the struggles of Digital World Acquisition Corp.

Digital World is the SPAC linked to Trump Media and Technology Group, which controls the struggling social media site Truth Social that features content from ex-President Donald Trump.

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet (A shares), Alphabet (C shares), and Spotify Technology. The Motley Fool has a disclosure policy.

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Why CF Acquisition Corp. VI Blasted 14% Higher Today - The Motley Fool