Shares of conservative news channel Newsmax soared 180% on Tuesday, just 24 hours after debuting on the New York Stock Exchange.

On Monday, Newsmax stock opened at $14 per share, and on Tuesday, it closed at $233 a share.

Because of its success on Wall Street, Newsmax’s market cap is nearly $30 billion, which is more than Warner Bros. and Fox Corp.

Here’s what CNBC reported:

Shares of conservative cable channel Newsmax
soared nearly 180% Tuesday, a day after the stock’s dizzying debut on the New York Stock Exchange.

Newsmax shares have risen more than 1,500% since its Monday debut, when it opened at $14 per share. It closed at $233 per share on Tuesday.

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The skyrocketing stock not only brought the company’s market capitalization to nearly $30 billion — surpassing the market cap of legacy media companies like Warner Bros.

Traditional media IPOs are hard to come by, especially given the significant changes to companies’ business models in recent years, and Newsmax’s meteoric debut was unexpected. The highly anticipated stock debut of CoreWeave on Friday — the biggest tech IPO since 2021 and first pure-play artificial intelligence offering — saw a tempered start in comparison.

Founder and CEO Christopher Ruddy, who owns roughly 39.2 million Class A shares of the company and 81.4% of voting stock, joined the billionaire ranks after the initial public offering. As of the market close, Ruddy’s stake was worth more than $9 billion.

Check out what Mediaite reported:

Bloomberg radio host Lisa Mateo marveled at Newsmax’s stunning stock price jump on Tuesday morning following the pro-Trump cable network’s booming IPO on Monday.

The network sold $75 million worth of shares for $10 each in Monday’s initial public offering, which saw the stock close at a whopping $83.51. The massive haul made Newsmax founder and CEO Christopher Ruddy an overnight billionaire.

“Ruddy’s 39.2 million class A shares, owned through a revocable trust, have 10 votes each, giving him control of 81% of the company’s votes. He didn’t sell any shares in the New York Stock Exchange offering,” reported Bloomberg News on Monday night, noting that Ruddy ended the day with some $3.3 billion in stock after the share price jumped 735%. CNBC reported that on Tuesday morning, the stock jumped another 100%.

“I want to start with Newsmax because the stock’s still extending its gains. This is after a jump of 735%. They had its IPO debut Monday, NMAX, that’s a ticker, N-M-A-X. They raised $75 million in the offering. Their share price gives the company a market value of more than $10.7 billion, and it was actually among the 25 most actively traded on Fidelity’s platform,” reported Mateo on Tuesday morning as the stock price jumped as high as $191.

“But what’s really interesting, the founder, Christopher Ruddy, he’s now a billionaire. He’s sitting on $3.3 billion fortune. And the news network actually lost 72 million in 2024. That was on revenue of about 171 million, but shares are still on the rise this morning,” Mateo added, noting the Newsmax’s financials are not stellar.

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This is a Guest Post from our friends over at WLTReport. View the original article here.
 

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