Worth more than FOX?
Worth more than DISNEY?
Well it is clearly worth something but what is the true value?
Full story at link above ^
Worth more than DISNEY?
Well it is clearly worth something but what is the true value?
Full story at link above ^
. . . Newsmax shares have risen more than 1,500% since its Monday debut, when it opened at $14 per share. It closed at $233 per share on Tuesday.
The skyrocketing stock not only brought the company’s market capitalization to nearly $30 billion — surpassing the market cap of legacy media companies like Warner Bros. Discovery and Fox Corp — it also propped up the returns of its investors.
Traditional media IPOs are hard to come by, especially given the significant changes to companies’ business models in recent years, and Newsmax’s meteoric debut was unexpected. The highly anticipated stock debut of CoreWeave on Friday — the biggest tech IPO since 2021 and first pure-play artificial intelligence offering — saw a tempered start in comparison.
Founder and CEO Christopher Ruddy, who owns roughly 39.2 million Class A shares of the company and 81.4% of voting stock, joined the billionaire ranks after the initial public offering. As of the market close, Ruddy’s stake was worth more than $9 billion.
Interactive Brokers founder and billionaire Thomas Peterffy is Newsmax’s second-largest shareholder with 23 million shares — worth more than $5 billion as of Tuesday — owned through a limited-liability company, Conyers Investments.
Peterffy invested $50 million in Newsmax in 2019, according to an individual familiar with the deal. He declined to comment on his investment to CNBC. Peterffy has appeared on Newsmax before and is a prominent GOP donor.
On Tuesday, Newsmax sent out an email to investors highlighting its stock rise on the opening day of trading.
“Americans for a long time have been voting with their remote controls, downloads, apps to say they want Newsmax. Now investors powerfully are buying Newsmax shares because they like us, they value us and they want us to keep growing,” Ruddy said in a statement to CNBC. . . .
Should have.