Conservative TV company Newsmax has seen its stock market valuation surge by more than 2,200% since its debut in New York on Monday.
The US firm’s shares, which were originally priced at $10 (£7.75) each, stood at $233 at the end of Tuesday’s trading session.
That means it has a market value of almost $30bn, which surpasses Fox Corp – the owner of rival Fox News – and other media giants Warner Bros Discovery and Paramount Global.
Newsmax is seen as friendly to US President Donald Trump and was promoted by him during his first term in the White House.
The share price surge has made Newsmax’s founder and chief executive Christopher Ruddy one of the richest people in the US, with a net worth of more than $9bn, according to the Bloomberg Billionaires Index.
Analysts said retail investors drove gains, drawing comparisons to the soaring price of GameStop.
The video game retailer’s popularity among some investors during the pandemic helped coin…
