It took less than a day for Newsmax to become an apparent meme stock. The conservative media company made its debut on the New York Stock Exchange on Monday, and within hours of its initial public offering, its share price ballooned from $14 a share at opening to $83.41 at close. The more than 700 percent spike mirrored the “meme stock” craze of 2021, which saw shares of GameStop and AMC Theaters reach historic heights before eventually cratering. CEO Christopher Ruddy told CNBC’s Squawk Box on Monday that Newsmax, which he founded in 1998, fulfilled “a demand for more competition” against Fox News. Ruddy said the network is also the No. 4 cable news network in the U.S. behind CNN, MSNBC, and Fox News, and the network has sought to boost its public image in light of Donald Trump’s second term. The company announced plans for an IPO in September, and it said on Friday that it raised $75 million at through stock sales at $10 a share to complete its IPO.
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