Trump, Newsmax
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The Seattle Times |
The Boca Raton, Fla., outlet’s stock price surged after its initial public offering Monday.
The New York Times |
The company, which is known primarily for its cable channel, has reliably conservative programming, with anchors including Greg Kelly, a former Fox News host, and Michael Savage, a right-wing radio h...
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Hoping to replicate, if not challenge, Fox Corporation, Newsmax went public this week. The Trump-friendly cable TV network raised $75mn. On Tuesday, its shares surged from its listing price of $10 to $233, implying a market capitalisation of $30bn.
Conservative cable network Newsmax (NYSE:NMAX) exploded onto the public markets on Monday, closing at $83.51—up a staggering 735% from its $10
2don MSN
As of midday Monday, Newsmax stock was up by 532%, and shares were trading at a whopping $63.20 apiece. The spike has been so intense that trading was halted for volatility five times in the first 30 minutes after market opening, Bloomberg reports.
Greg Kelly, the Newsmax host, and the president discussed a variety of topics, including Ukraine, attacks on Teslas, and the Signal group chat leak.
Even after crashing down to earth Wednesday, Newsmax is still valued at an extreme premium compared to Fox and the New York Times.
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There's a new Trump trade on Wall Street, and it's as volatile as the president's agenda.
A destination for political conservatives, the Boca Raton, Fla.-based news operation surges after its initial public offering.