Newsmax Stock Plummets After Wild Post-IPO Runup
From Yahoo Finance: 2025-04-02 11:13:00
Newsmax’s rollercoaster ride took a nosedive, with shares plummeting 77% to under $53 each in their third session. The media company had a dramatic IPO debut, opening at $14 and reaching highs of $265 before closing at $233. Investors flocked to Newsmax despite its unprofitable track record.
In contrast, Nvidia-backed CoreWeave finished its first trading day at its IPO price but soared above $52 the next day. Newsmax CEO Chris Ruddy touted the company as competitive with Fox News, with a conservative bent and independent news mission. Newsmax’s market cap even surpassed that of Fox Corp. as of yesterday’s close.