As many as 10 million shares of Newsmax worth $147 million exchanged hands on Tuesday, adding another $19.2 billion to its market capitalization. 
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As many as 10 million shares of Newsmax worth $147 million exchanged hands on Tuesday, adding another $19.2 billion to its market capitalization. Shares of recently listed Newsmax Inc's have been hogging the spotlight lately as the Wall Street counter has delivered a jaw-dropping 23 times returns to its investors in just two trading sessions. The stock was listed at a staggering premium of 1,150 per cent at $125.98 over its issue price of $10.
The stock settled at $150 on Monday, its first trading session, up 1,400 per cent as the maiden session gains. It scaled $265 on Tuesday, rising to 2,550 per cent over the IPO price but finally settled at $233, delivering a staggering 2,230 per cent returns to the investors.
The 2,230 per cent surge from its IPO price in just two trading sessions has given the media outlet greater market capitalization than its other, legacy, illustrious peers. It boasts a total valuation of $30 billion, surpassing the giants like Fox, Warner Bros, News Corp, Discovery, New York Times and others.
As many as 10 million shares of Newsmax worth $147 million exchanged hands on Tuesday, adding another $19.2 billion to its marketcap. The cable news operator raised $75 million through its 'mini IPO' last week. The company is looking to expand its reach following President Donald Trump's return to the White House.
A Reuters report suggests that the stock has been popular with retail investors, remaining the top trending ticker on retail investor-focused social media stocktwits.com since its debut, which traders said parallels the pattern of other hotly-traded retail favorites, known as meme stocks.
Newsmax's revenue is growing, but the company is also mounting up losses. It lost $72.2 million on roughly $171 million in total annual revenue in 2024, while its losses stood at$41.8 million on revenue of $135.3 million in 2023. Trump had promoted Newsmax during his first administration, when he frequently criticized other news outlets' coverage of him.
Founded in 1998 by Christopher Ruddy, Newsmax started as a digital brand and launched its cable news channel in 2014. It also streams for free on platforms such as its Newsmax app and YouTube. Ruddy owns all of Newsmax's Class A shares, which do not trade publicly, as well as 30.6 per cent of the Class B shares. His stake is valued nearly $9.1 billion as of Tuesday.
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