Newsmax, the pro-Trump cable network, experienced a staggering stock price jump following its IPO, which raised $75 million at $10 per share, closing at $83.51. This surge propelled founder Christopher Ruddy's net worth to an estimated $3.3 billion due to his controlling stake. Despite the company's reported $72 million loss in 2024 on $171 million revenue, investor interest appears strong, with stock prices reaching as high as $191. This phenomenon raises concerns about the sustainability of such dramatic stock fluctuations, similar to past trends seen with meme stocks.
Newsmax saw a remarkable stock price surge post-IPO, closing at $83.51 after raising $75 million, catapulting CEO Christopher Ruddy to billionaire status.
Despite Newsmax's financial struggles, with a reported $72 million loss in 2024 on $171 million revenue, its stock has skyrocketed by 735%.
The IPO marked a significant market entry for Newsmax, with shares soaring to a peak of $191, raising questions about the sustainability of this growth.
Lisa Mateo noted the stock was trending as one of Fidelity's most actively traded, alluding to a sensational rise reminiscent of past meme stocks.
Collection
[
|
...
]