Reported 1 day ago
Newsmax's stock (NMAX) skyrocketed 173% on Tuesday, adding to a staggering 735% gain from the previous day following its IPO, raising $75 million at a $10 share price. This impressive surge boosted the company's market capitalization to over $20 billion. CEO Christopher Ruddy attributed the growth to the successful IPO, enabling further expansion and programming enhancements despite ongoing legal challenges related to election coverage. While revenue increased significantly, the company also reported losses and noted potential weaknesses in financial reporting.
Source: YAHOO