Newsmax's IPO Success
Newsmax's stock price soared following a successful IPO, turning founder Christopher Ruddy into a billionaire. Despite the network's financial struggles, the stock price continued to rise significantly.
Key Points
- Founder Christopher Ruddy controls 81% of company's votes
- Stock jumped 735% on the first day of trading
- Stock price continued to rise, exceeding $140 per share
Pros
- Christopher Ruddy became a billionaire overnight
- Significant increase in Newsmax's stock price
- Raised $75 million in IPO
Cons
- Newsmax network lost $72 million in 2024
- Financials are not stellar