Season 1, Episode 3: THE ONE WHERE TETHER TAKES OVER RUMBLE Is @Tether_to quietly consolidating control over @RumbleVideo, while divesting Northern Data’s mining assets to Elektron Energy, a likely related party? Rumble recently announced plans to acquire Northern Data, a company Tether controls and that is currently being investigated for $100M tax fraud, after Northern Data completed the sale of its Peak Mining division, a key step required before the merger. That sale closed today [1]. Although Northern Data did not disclose the buyer, it appears the counterparty was Elektron Energy LP, according to statements regarding a signed term sheet with Elektron made in August by Northern Data [2]. Rumble is 48% owned by Tether, while Northern Data is 54% owned by Tether [3]. Here’s where things get interesting: Raphael Zagury @AlphaAZeta, former Swan CIO and current Tether associate, who was accused of allegedly plotting and executing a "rain and hellfire" plan (detailed in his own notes) against his employer in an alleged conspiracy with Tether [4], lists himself as CEO of an entity named Elektron Energy on his LinkedIn profile [5]. Are these the same, or related, Elektron entities, and if so, why hasn’t that connection been disclosed? If Elektron Energy LP is Tether-affiliated or controlled, the deal would put Tether on all sides, allowing them to price the sale of mining assets back to themselves, while satisfying the requirements of the Rumble/Northern Data merger for their own benefit. “Elektron”-named related entities have been formed recently in several jurisdictions, including Wyoming, Delaware, and multiple in the BVI. With Tether already holding major stakes in both Rumble and Northern Data, the merger enabled by today’s sale could leave it with effective majority control of Rumble, giving Tether their own media platform and distribution channel for its USAT stablecoin fronted by former White House crypto adviser Bo Hines [6] @BoHines. Will Rumble be disclosing economic control by Tether on their S-4? The Math Northern Data shareholders receive: 33% of the combined company [7] Rumble shareholders retain: 67% Tether’s holdings: 48% of Rumble = 48% × 67% = 32% of combined 54% of Northern Data = 54% × 33% = 18% of combined Total: 32% + 18% = ~50% Tether ownership of the merged Rumble once the deal closes. The Rumble-Tether relationship was reportedly brokered by Howard Lutnick @howardlutnick [8], the current United States Commerce Secretary, in his former capacity as CEO of Cantor Fitzgerald. Cantor owns 2.75% of Rumble according to a September 2025 filing, and 5% of Tether via a 2024 investment by Lutnick that would increase in value by more than 40x if Tether’s current $500B valuation fundraising is consummated [9] (with reported participation from Softbank and Ark [10], and rumored participation from two major Silicon Valley VCs and two major crypto VCs). [1] [2] [3] [4] [5] [6] [7] [8] [9] [10]