Reported 5 days ago
Newsmax Inc. shares surged 735% during their initial public offering, marking the biggest first-day performance since 2022. The conservative media outlet's stock closed at $83.51, driven largely by retail investor interest, with orders to buy far outpacing those to sell. Despite this success, the company faces significant financial challenges, including a loss of over $55 million within the first six months of 2024. This debut echoes the previous meme stock trends, drawing comparisons to companies like GameStop and AMC that saw similar spikes but substantial declines thereafter.
Source: YAHOO