Newsmax’s stock market debut has stunned Wall Street, soaring over 2,000% since Monday, according to the BBC. Shares were initially priced at $10 and closed at over $200 on Tuesday. The surge pushed the conservative media outlet’s valuation to nearly $30 billion, exceeding Fox Corp. The price spike was driven by retail investors, with analysts likening it to the GameStop meme stock craze. Newsmax was founded in 1998 and launched as a cable network in 2014, gaining popularity after being endorsed by Trump in 2020. Founder Christopher Ruddy is now worth over $9 billion.
