Lock the White House Watch Newsletter for free
Your Guide to Washington and the World’s 2024 US Election Means
Right-wing media mogul and longtime friend of Donald Trump, Christopher Rudy has now gone billions after Newsmax stocks continued to surge after his public debut on Monday.
Ruddy’s Newsmax shares rose 179% to $233 on Tuesday. The echo of “Meme Stock Mania” who grasped the US stock market in 2021 has seen stock profits reach over 2,200% since the launch of NYSE.
The conservative television company founded by Ruddy in 1998 won a market capitalization of over $2 billion on Tuesday.
Ruddy, a frequently frequent and frequently held Newsmax post-journalist at Trump’s Mar-a-Lago Golf Resort, owns 39.2 million shares, valued the share at $9.1 billion. The company raised $75 million through Regulation A+ offers. This brings less troubling regulatory burden than traditional initial public offerings, but raised $225 million from prioritized individual supply, which was closed in February.
NewsMax has promoted its on-air public list to viewers, posting that Chyrons is “to become the owner of Newsmax.” In an editorial published on the website last July, Ruddy told readers:
Ruddy wrote:
Newsmax’s list provided wind drops to investors including billionaire Republican donor Thomas Peterffy.
The enthusiasm for businesses that make most of their money from cable television, a long-term decline business, has sparked concerns from Peterffy.
He told the Financial Times that he was “unstood” at Newsmax’s rising stock price. “Newsmax is a great company and I think we’ll have a very bright future, but I don’t think we’ll guarantee this high price,” Peterffy says. The company listed the stock at a price of $10.
Peterffy owns more than 23 million Newsmax Class B shares. “We saw that there was a big need for something else after Fox News.
Other investors who fell large winds include Sheikh Sultan bin Jasim al Thani, a member of the Qatar royal family who was the deputy prime minister of the gas-rich emirate. He owns 20 million shares worth around $4.7 billion, according to the securities application.
Newsmax, like Fox News, was sued by voting technology companies Dominion and Smartmatic for allegedly involved in spreading election denialism in 2020. Last year, Newsmax agreed to resolve it with Smartmatic and pay $40 million. However, the Dominion case is expected to begin a ju trial later this year. Newsmax denies fraud.
Recommended
In March, the company added former Labor Secretary Alex Acosta to its board during Trump’s first term. Acosta resigned from his post in 2019 after revealing that the Miami Herald had cut a deal with disgraceful financier Jeffrey Epstein while working as a Florida lawyer.
Some hedge funds have bets on Newsmax and are paying high profits to borrow the stock in hopes that its stock will soon drop. One hedge fund told the Financial Times that it believed its stock would fall in the coming days as retail investors who participated in the listing aimed to solidify significant profits.
When asked if he would sell the stock in six months, Peterphy said he wasn’t sure. “We will not decide on investment movements until the time comes.”
Newsmax’s strong debut comes as a much larger group as a public company has endured a disappointing start in recent weeks and has been overwhelmed by wider concerns about slowing down our economic growth.
Newsmax’s rating on Tuesday is compared to a $2 billion valuation. Fox generated $14 billion in revenue in fiscal year 2024, compared to Newsmax’s only $171 million.
Ruddy did not immediately respond to requests for comment.
