Newsmax, a cable network catering to a conservative audience, recently launched its initial public offering, causing its stock price to soar over 1,500% in just two days. The inflated market capitalization of nearly $30 billion starkly contrasts with its much lower viewership numbers compared to competitors like Fox News. Additionally, despite reported increased revenue, Newsmax faces substantial financial challenges, including $72 million in losses and major lawsuits totaling billions for spreading false claims about the 2020 election, further complicating its IPO's financial implications.
From its opening at $14 per share, Newsmax's stock soared to $233, resulting in a market cap near $30 billion, despite its lower viewership compared to Fox News.
Newsmax, a money-losing company, is currently embroiled in significant legal battles, including a looming $1.6 billion lawsuit from Dominion Voting Systems over false election claims.
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