-
Nieuwsmax stock has risen more than 2,000% since his IPO, making his CEO a billionaire.
-
Strong interest in the retail trade has made newsmax more valuable than Trump Media and Fox Corp.
-
Newsmax placed $ 72.2 million in losses in 2024, compared to losses in 2023.
Another right -wing media company that loses money has exploded in value after he had become public.
Cable News Outlet Newsmax made stunning profits since the IPO debut on Monday, and made comparisons with Trump Media & Technology Group. Both companies have high ratings despite losing money.
Newsmax -shares closed on Tuesday 179% higher at $ 233 each, which represents an increase of more than 2,000% compared to their $ 10 debut on Monday. The Surge has made Chris Ruddy, founder and CEO of Newsmax, a paper billionaire. However, the shares fell by about 25% on the market on Wednesday.
The stocks of newsmax sent its market capitalization to almost $ 30 billion – which means that the company is now more valuable than many of its mediaters, including Trump Media and even Fox Corp.
Retail investors have attracted newsmax on the ridge of President Donald Trump’s return to the White House.
Newsmax sold 7.5 million shares in his IPO and the company quickly reached the meme sharing status. About 11 million shares changed owner on Tuesday.
“There is not many shares to act on the market in relation to market capitalization, so it can be pushed around,” Paul Hickey, the co -founder of the tailor -made investment group, told Matthew Fox of Business Insider.
Despite the strong interest in shares of the Nieuwsmax, the company has been in red. It booked the widening of losses of $ 72.2 million in 2024, compared to a loss of $ 41.8 million in 2023. The annual turnover grew from $ 135.3 million in 2023 to $ 171 million in 2024.
In the meantime, Trump Media lost $ 400.9 million in 2024 compared to a loss of $ 58.2 million in 2023.
The stunning debut of Newsmax reflects Trump Media’s debut at Nasdaq in March 2024, when the share on his first trade day rose by 59%.
Trump Media was combined with Digital World Acquisition Corp, a special acquisition company, to become public. Shares of the Spac closed at $ 49.95 each before it started to act as Trump Media.
Since then, Trump Media’s shares have been on a wild ride and has become a highlight of $ 79.38 on March 26, 2024 – the first day of the trade – and a low point of $ 11.75 per share on 24 September.
Trump Media shares closed 3.7% higher on Tuesday at $ 20.26 each. They have fallen 40.6% this year so far.
Read the original article about Business Insider
