From Yahoo Finance: 2025-04-01 13:44:00

Class B shares of Newsmax (NYSE: NMAX) have surged over 1,123% since its IPO on March 31, trading like a meme stock with shares doubling in one day. Newsmax, a smaller cable news network, raised $75 million at $10 per share and closed above $82. The company boasts the fourth-largest cable news audience in the U.S. with 211,000 daytime viewers.

Newsmax CEO Christopher Ruddy credits investors for driving the stock price up, seeing the company as a growth stock with a market cap of $1.2 billion. The network’s success is tied to its support of former President Trump, similar to other Trump-linked media companies. In 2024, Newsmax’s total revenue rose 27%, but net loss grew by 71% to over $72 million, trading at a market cap of $15.6 billion.

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Read more at Yahoo Finance: Why Shares of Newsmax Are Up More Than 1,123% Since Its IPO