Newsmax shares surge more than 2,000% in days after IPO / Photo: © AFP/File
-
South African election results renew debate over identity-based voting
-
Post-election pressures complicate US and Israeli decisions on Iran
-
South African voters report smoother local election but declining IEC trust
-
UN members approve talks on treaty protocol against environmental crime
-
Dolly Parton museum and Nashville hotel open after singer’s death
-
Family-run West Sussex beach café prepares for first winter season
-
George and Amal Clooney attend New York political-comedy reading
-
CT scans reveal health and burial clues from Egypt’s Braided Lady mummy
-
British buyers pay substantial premiums for period-home appearance
-
Oxford faces complaints over lecturer’s classroom attire
-
Thomas Markle released to house arrest after child-abuse-image charge
-
Kyren Wilson and John Higgins reach International Championship snooker final
-
Dawn of War 4 developers chose Adeptus Mechanicus for tactical variety
-
New Zealand and Tonga meet for place in Rugby League World Cup final
-
Italy face unbeaten South Africa in Turin Nations Championship match
-
Reports of unsafe AI-toy responses renew calls for child-safety rules
-
ChatGPT interactive interface feature tested across six custom tools
-
Juneau food network combines difficult supply routes with deep sharing traditions
-
Freshways milk-price cut deepens pressure on UK dairy farms
-
India climbs green-transition ranking after first emissions decline in 25 years
-
Labour and National remain virtually tied as New Zealand vote count advances
-
Trump names Stephen Miller as White House chief of staff after midterm losses
-
The Good Daughter adapts Karin Slaughter thriller with Rose Byrne and Meghann Fahy
-
Restored Albanian tower houses anchor new rural tourism trail
-
Heavy-lift drone evacuates wounded Ukrainian soldier from frontline kill zone
-
Sonia Gandhi reflects on family tragedy and reluctant political career
-
Morrison says West Brom recovered after pressure from successive derby losses
-
Pope Leo begins three-country South American tour in Uruguay
-
Britain considers 2027 state visit for Ukraine’s Zelensky
-
Khawaja says entire Australia camp knew of 2018 ball-tampering plan
-
Arizona Democrats Secure Historic Trifecta with New Legislative Leadership
-
Anna Miltina Confronted with Racism Allegations on ProSieben Show
-
Carney Welcomes U.S. Trade Reversal After Democratic Midterm Victory
Newsmax shares surge more than 2,000% in days after IPO
Shares of the conservative cable news channel Newsmax have skyrocketed more than 2,000 percent in the two days since it began trading in New York, pushing the firm's market value above $26 billion.
The right-wing media company has long been a cheerleader for US President Donald Trump, and is now among the most-watched cable news channels in the United States.
At its initial public offering last week, the company raised $75 million at $10 per share, valuing the company at little more than $1 billion.
By 3:00 pm in Washington (1900 GMT) Tuesday, a day after its shares listed in New York, the share price was worth $206.89, giving it a market capitalization of $26.5 billion.
Newsmax has consistently been the fourth most-viewed cable news channel in America, behind Fox, MSNBC and CNN, according to the ratings company Nielsen.
But its roughly 300,000 prime time viewers still pale in comparison to the prominent conservative news channel Fox News, which averaged more than three million.
That could soon change, Newsmax chief executive Christopher Ruddy told CNBC in an interview before markets opened on Monday.
"I think we're becoming very competitive with (Fox)," he said.
R.Fischer--VB