Conservative TV network Newsmax has taken Wall Street by storm, skyrocketing its stock market value by an astonishing 2,200% just days after its debut in New York.
Originally priced at $10 per share, Newsmax stocks closed at a jaw-dropping $233 on Tuesday, catapulting the company’s market valuation to nearly $30 billion. This unexpected rise has positioned Newsmax ahead of established media powerhouses like Fox Corp, Warner Bros Discovery, and Paramount Global.
Often seen as an ally to former US President Donald Trump, Newsmax gained notable traction during Trump’s first term, thanks to his vocal support. Now, the surge in share value has made Newsmax’s founder and CEO, Christopher Ruddy, one of the wealthiest individuals in the United States, with a net worth exceeding $9 billion, as reported by the Bloomberg Billionaires Index.
