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Investors are buying Newsmax shares after its impressive Wall Street debut. The stock surged 180%, reaching $233 from $10. Founder Christopher Ruddy’s net worth now exceeds $9 billion.
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Investors are eagerly buying shares of a right-leaning news outlet after its impressive debut on Wall Street. The stock surged 180 percent the day after its IPO.
The company generating this buzz is Newsmax, which has garnered significant interest. Newsmax, a TV channel supportive of former US President Donald Trump, was endorsed by him during his first term.
As of April 2, the last trading price of Newsmax stock was $233, up from its original price of $10. This represents an astonishing increase of more than 2,200 percent since its debut.
Newsmax’s stock price surge has surpassed that of Fox Corp, owner of Fox News, as well as other media giants like Warner Bros Discovery and Paramount Global.
This dramatic rise has made Newsmax’s founder and CEO, Christopher Ruddy, one of the wealthiest individuals in the US, with a net worth exceeding $9 billion, according to the Bloomberg Billionaires Index.
Founded in 1998 as an online platform, Newsmax launched its cable news channel US. Its ratings received a significant boost in 2020 following Trump’s endorsement, as he became increasingly critical of Fox News.
Despite his friendship with Trump, Ruddy insisted that Newsmax would not become “Trump TV.”
Earlier this month, Newsmax paid $40 million to settle allegations that it defamed voting machine company Smartmatic by reporting false claims that it helped rig the 2020 election for Joe Biden.
Newsmax joins other conservative-linked companies in entering the stock market, including Canada-based video platform Rumble Inc and Trump’s media venture, Trump Media & Technology Group.
