Newsmax And The Curious Case of MAGA Media: Is The 2200% Rally In 2 Days An Anomaly Or A Trend?

Just two days after making its trading debut, conservative media outlet Newsmax (NYSE:NMAX) is already up by a phenomenal 2,200%, making it the latest contender within the MAGAverse to receive such an empathic welcome from Wall Street.

What Happened: Right-wing cable news channel, Newsmax started trading on the New York Stock Exchange on Monday, listing at a 40% premium to its offer price of $10 a share. It then continued its ascent, surging 700% by afternoon, ending Day 1 with an intraday high of $82.25 a share.

On Tuesday, the stock picked up where it left off, rallying another 183% before closing at $233 a share. This briefly valued the company at over $28 billion and made its founder and CEO, Christopher Ruddy, a billionaire. Newsmax now features a market cap that is larger than The New York Times, a 175-year-old media institution.

See Also: Newsmax, Waton Financial, Johnson & Johnson, Hims & Hers Health, Tesla: Why These 5 Stocks Are On Investors’ Radars Today

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https://www.benzinga.com/general/entertainment/25/04/44600008/2200-in-2-days-newsmax-and-the-curious-case-of-maga-media-on-wall-street