Newsmax Soars 735% In NYSE Debut, Founder Christopher Ruddy Becomes Billionaire

Newsmax Inc. NMAX debuted on the New York Stock Exchange Monday, with shares surging 735% and catapulting founder and CEO Christopher Ruddy into billionaire status.

What Happened: The cable news network raised $75 million in its initial public offering, pricing shares at $10 each under Regulation A+. According to company statements, the stock closed at $83.51 after multiple trading halts due to extreme volatility.

Ruddy now controls a fortune estimated at $3.3 billion through his ownership of 39.2 million Class A shares held in a revocable trust. These shares carry 10 votes each, giving him control of 81% of the company’s voting power.

The media company also secured $225 million through a private preferred offering that closed in February, with Digital Offering LLC serving as the lead selling agent for the public offering.

See Also: S&P 500 Just Had Its Worst Quarter vs. Global Stocks Since 1988: What’s Driving The Rout

Why It Matters: Founded in 1998 by Ruddy, an award-winning journalist, Newsmax has grown into what Forbes describes as “a news powerhouse.” The company operates multiple media properties, including Newsmax channel, now the fourth highest-rated cable news channel according to Nielsen, streaming services Newsmax2 and Newsmax+, and Newsmax.com.

According to the company, Newsmax’s combined media properties reach over 40 million Americans regularly.

Headquartered in Boca Raton, Florida, with additional offices in Washington, D.C. and New York City, Newsmax positions itself as championing “a free press” that provides “balanced coverage, diverse viewpoints, and open debates on the issues affecting our lives.”

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.