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 the idea of meme stocks.
The meme-stock phenomenon was part of a wider increase in trading by retail investors – people not working for investment houses or other private firms.
Newsmax was founded in 1998 as an online platform. It launched its cable news channel in 2014.
Its ratings were boosted in 2020 when it was endorsed by Trump, who had become increasingly angry at Fox News.
Mr Ruddy, who is a friend of Trump, insisted at the time that he did not want Newsmax to become “Trump TV”.
Earlier this month, Newsmax paid $40m to settle allegations that…
