Newsmax, a conservative television corporation, has seen its stock market valuation increase by more than 2,200% since its launch in New York on Monday. The US company’s shares, which were initially priced at $10 (£7.75) each, closed at $233 at the end of Tuesday’s trading session.
That means it has a market worth of about $30 billion, surpassing Fox Corp, the owner of rival Fox News, Warner Bros Discovery, and Paramount Global. Newsmax is considered friendly to US President Donald Trump, who championed it during his first term.
According to the Bloomberg Billionaires Index, Newsmax’s founder and CEO Christopher Ruddy’s net worth has risen to more than $9 billion as a result of the share price jump. Analysts said retail investors fueled profits, citing GameStop’s skyrocketing stock price.
The video game retailer’s popularity among confident investors during the epidemic sparked the concept of meme stocks. The meme-stock phenomena was part of a larger growth in trading by retail investors, who do not work for investment banks or other private firms.
Newsmax was established in 1998 as an internet portal. It launched a cable news channel in 2014. Its ratings skyrocketed in 2020 when it was sponsored by Trump, who had grown increasingly enraged with Fox News. At the time, Mr Ruddy, Trump’s pal insisted that he did not want Newsmax to become “Trump TV.
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