Christopher Ruddy: Media mogul behind Newsmax's meteoric rise

U.S. cable news network Newsmax has made headlines with an extraordinary surge in its stock price following its initial public offering (IPO) on the New York Stock Exchange.

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After debuting at $10 per share on Monday, the stock skyrocketed 735% in its first trading session, closing at $83.51. The rally continued on Tuesday, with shares surging another 179% to close at $233, marking a total increase of 2,230% from the IPO price in just two days.

NEWSMAX'S MARKET CAP With a market capitalization now exceeding $30 billion, Newsmax has surpassed major media conglomerates such as Fox News' parent company Fox Corp, News Corp, The New York Times, Warner Bros. Discovery, Trump Media, and Paramount. The unprecedented stock performance has positioned Newsmax as a formidable force in the media industry, despite the broader challenges facing traditional cable television.

The company raised $75 million through its IPO by selling 7.5 million equity shares at $10 each. Additionally, Newsmax secured $225 million earlier this year through private preferred shares. The funds raised will be utilized for talent acquisition, programming, distribution, digital expansion, marketing, and working capital.

CHRISTOPHER RUDDY: VISIONARY BEHIND NEWSMAX Christopher Ruddy, the founder and CEO of Newsmax, has seen his wealth skyrocket alongside the company's stock price. Holding approximately one-third of Newsmax's shares, his net worth now stands at an estimated $9.1 billion.