Wed, 02 Apr 2025

Wed, 02 Apr 2025 Trump-endorsed news channel sees shares surge 2,200%

Conservative US cable TV channel Newsmax started trading on the New York Stock Exchange on Monday.
- Shares rose from $10 to $233 each, giving the company a market value of nearly $30 billion. - This surpasses media giants Fox Corp, Warner Bros Discovery, and Paramount Global. - The surge makes Newsmax founder Christopher Ruddy one of the richest people in the US, with an estimated net worth over $9 billion. - Analysts attribute the gains to retail investors, similar to the GameStop stock phenomenon. - Newsmax was founded in 1998 as an online platform, launched its cable news channel in 2014 and received a boost in ratings after being endorsed by Donald Trump. - The company recently paid $40 million to settle allegations of defamation against voting machine company Smartmatic.
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