NEW DELHI: Newsmax’s stock soared 2,200% post-IPO, reaching $30 billion, boosting founder Christopher Ruddy’s net worth. Newsmax, an American television network, has experienced an extraordinary surge in its stock market valuation, climbing over 2,200% since its initial public offering (IPO) in New York on Monday. The company’s shares, initially priced at $10 (£7.75) each, closed at $233 by the end of Tuesday’s trading session, giving the firm a staggering market value of nearly $30 billion. With this valuation, Newsmax has overtaken some of the largest media corporations, including Fox Corp—the owner of rival network Fox News—as well as Warner Bros. Discovery and Paramount Global.
The surge in share price has significantly boosted the net worth of Newsmax’s founder and chief executive, Christopher Ruddy. According to the Bloomberg Billionaires Index, Ruddy’s holdings in the company now place his net worth at over $9 billion, making him one of the richest individuals in the United States. Ruddy, a seasoned journalist and media entrepreneur, launched Newsmax in 1998 as an online platform before expanding into cable news in 2014.
The stock surge has also significantly increased the wealth of Newsmax’s key investors. Interactive Brokers Group Inc. founder Thomas Peterffy holds the second-largest stake in the company, which is now valued at $5.4 billion.