Newsmax had a historic IPO with shares skyrocketing over 700% on their first trading day. At $10 per share, investors saw prices soar to nearly $78 initially. By Tuesday, values surged further to around $215, leading to multiple trading halts due to volatility. Retail investors have drawn parallels to the GameStop stock phenomenon. Despite significant losses and an increasingly difficult cable news landscape, Newsmax seeks to capture audience share from competitors like Fox News, particularly as political dynamics shift with Trump's return.
Shares of Newsmax saw a dramatic rise of over 700% in their debut on Monday, marking the best-performing first day for an IPO since 2022.
Investors who purchased shares at the $10 IPO price experienced significant gains as the stock closed near $78 on its first day of trading.
Market volatility surrounding Newsmax's debut led to multiple trading halts, reminiscent of the GameStop phenomenon, drawing excitement from retail investors.
Despite losing money, with a $55.5 million loss in the first half of 2024, Newsmax aims to compete directly with established networks like Fox News.
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