Shares of conservative cable channel Newsmax soar another 100% after massive debut
Source: CNBC
Media
Shares of conservative cable channel Newsmax soar another 100% after massive debut
Published Tue, Apr 1 2025 9:34 AM EDT * Updated An Hour Ago
Jacob Pramuk
Lillian Rizzo
@Lilliannnn
Key Points
* Shares of conservative cable channel Newsmax soared for a second day.
* The stock spiked more than 700% in its public debut on Monday.
* The right-wing cable channel has gained traction during President Donald Trump's second term, but its viewership still pales in comparison to the dominant Fox News.
Shares of conservative cable channel Newsmax soared more than 100% in afternoon trading Tuesday, a day after the stock's dizzying debut on the New York Stock Exchange.
Newsmax shares spiked more than 700% in their first trading day Monday, closing at $83.51 per share. The stock opened the day at $14 per share.
Traditional media IPOs are hard to come by, especially given the significant changes to the business model, 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 -- has had a tempered start in comparison.
The stock surge in volatile trading put the company at a valuation of more than $10 billion. 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 Tuesday, Ruddy's stake was worth more than $7 billion.
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Read more: https://www.cnbc.com/2025/04/01/newsmax-stock-rises-after-ipo.html
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