Newsmax stock rockets after stock exchange debut, CEO Christopher Ruddy becomes billionaire overnight

A stunning jump in Newsmax stock resulted in founder and CEO Christopher Ruddy becoming a billionaire overnight.

Newsmax’s debut on the stock exchange was met with massive enthusiasm, and a CNBC report says shares “spiked more than 700% in their first trading day Monday, closing at $83.51 per share. The stock opened the day at $14 per share.”

The wildly successful opening day means that the company is now worth a whopping $10 billion, making Ruddy and overnight billionaire. He owns approximately “39.2 million Class A shares of the company and 81.4% of voting stock, joined the billionaire ranks after the initial public offering. As of Tuesday, Ruddy’s stake was worth more than $6 billion,” the CNBC article explains.

“We’re going out with a market cap of $1.2 [billion]. But we don’t see ourselves as a value stock. We see ourselves as a growth stock. So those multiples are going to be a lot higher,” the CEO told CNBC’s ‘Squawk Box’ on Monday prior to Newsmax’s debut.

In a statement to CNBC on Tuesday, Ruddy attributed the popularity of Newsmax stocks to Americans’ desire to consume alternative news options.

“Americans for a long time have been voting with their remote controls, downloads, apps to say they want Newsmax. Now investors powerfully are buying Newsmax shares because they like us, they value us and they want us to keep growing,”

According to Nielsen, Newsmax is the fourth most popular television news outlet, trailing Fox News, MSNBC and CNN.

Writer/Columnist

Sierra Marlee is a millennial whose hunger for the truth in a world of fake news has led her to BizPac Review.

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