Newsmax Stock, the conservative cable channel, saw a jump of more than 60% in early trading on Tuesday, just one day after a stunning debut on the New York Stock Exchange. On its first trading day, Newsmax stock surged more than 700%, closing at $83.51 per share after opening at just $14
Newsmax stock
Traditional media IPOs are rare in today’s digital age, and Newsmax’s remarkable market entry surprised many. In contrast, CoreWeave, the most anticipated AI-focused tech IPO and the largest since 2021, had a modest debut.
The surge pushed Newsmax’s valuation to more than $10 billion, making its founder and CEO, Christopher Ruddy, a billionaire. Ruddy, who owns 39.2 million Class A shares and holds 81.4% of voting power, saw his stake grow to more than $6 billion. Ruddy stressed that Newsmax is a growth stock, not a value stock, and expects strong multiples in the future.
On Tuesday, Newsmax sent an email to investors celebrating the massive stock surge. Ruddy highlighted how Americans have shown loyalty to Newsmax through remote controls, apps, and now, stock purchases. He attributed the company’s growth to its shift from a digital media outlet targeting conservative audiences to a cable channel to challenge Fox News.
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Although Newsmax gained momentum during former President Donald Trump’s tenure, it still lags behind Fox News, which has about 3.1 million primetime viewers compared to Newsmax’s 309,000. Despite this, Ruddy remains optimistic, criticizing the traditional cable bundle model and pointing to the success of Newsmax’s streaming and podcast platforms.
Newsmax’s rise comes at a time when subscriptions in the cable industry are declining and consumers are preferring cheaper streaming options. The company has begun receiving fees from pay TV distributors, which has also led to an increase in advertising revenue.
With a bold vision for growth and a loyal audience, Newsmax is betting big on its future in the evolving media landscape. The stock’s stellar debut signals strong investor confidence, but only time will tell if the momentum continues.
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