Newsmax Founder Chris Ruddy Becomes Billionaire After Stock Surge
Newsmax, a cable news firm, has experienced a significant surge in its stock value, leading to its founder, Chris Ruddy, becoming a billionaire. The company's stock began trading on the New York Stock Exchange (NYSE) and saw a remarkable increase in its value shortly after. This financial success is attributed to the public's growing interest in alternative news sources, which has driven up demand for Newsmax's content.
The surge in Newsmax's stock price has been a boon for its investors, with shares soaring shortly after the company went public. This development marks a significant milestone for Newsmax, highlighting its growing influence in the media landscape. Chris Ruddy's journey from a media entrepreneur to a billionaire underscores the potential for rapid growth in the news industry, especially as audiences seek diverse perspectives.
The IPO of Newsmax and the subsequent stock surge have not only elevated Ruddy's financial status but also positioned the company as a notable player in the competitive news market. As Newsmax continues to expand its reach, it will be interesting to see how it navigates the challenges and opportunities in the evolving media environment.
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What is Newsmax?
Newsmax, Inc. (or Newsmax.com, previously styled NewsMax) is an American cable news, political opinion commentary, and digital media company founded by Christopher Ruddy in 1998. It has been variously described as conservative, right-wing, and far-right.
What is Nmax stock?
A rival to Fox News, Newsmax began trading on Monday after selling 7.5 million shares for $10 each in its March 28 initial stock offering, according to financial data firm FactSet. Trading under the ticker 'NMAX,' the shares surged more than 720% to close at $82.25 each by the time trading ended at 4 p.m.
What is the stock symbol for Newsmax?
Trading was halted multiple times during the session due to volatility. Newsmax, trading under the symbol NMAX, said Friday that it completed a $75 million initial public offering by selling 7.5 million shares of Class B common stock at $10 apiece.
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