Conservative television company Newsmax has seen more than 2,200% of its stock market valuation spikes since it debuted in New York on Monday.
The US company’s stock, originally $10 (£7.75) each, was $233 at the end of Tuesday’s trading session.
That means it has a market value of approximately $300 billion, surpassing Fox Corp, owners of Rival Fox News and other media Giants Warner Bros Discovery and Paramount Global.
Newsmax is considered friendly to President Donald Trump and was promoted by him in his first term at the White House.
The surge in stock prices has led NewsMax founder and CEO Christopher Radi, one of the richest people in the United States, bringing his net worth over $9 billion, according to the Bloomberg Billionaire Index.
According to analysts, retail investors have generated profits and elicited comparisons with GameStop’s rising prices.
The popularity of video game retailers among some investors during the pandemic has helped to create meme stock ideas.
The meme stock phenomenon is part of a significant increase in trading by retail investors, with people not working for investors or other private companies.
NewsMax was founded in 1998 as an online platform. We launched our cable news channel in 2014.
That rating was boosted by 2020, when it was approved by Trump, who was increasingly angry with Fox News.
Trump’s friend Rudy had insisted he didn’t want Newsmax to become “Trump TV.”
Earlier this month, Newsmax paid $40 million to resolve allegations that it had been harmed by voting machine company Smartmatic by reporting false claims that it was equipped with Joe Biden’s 2020 election.
It is the latest company to join Canada-based video platform Rumble Inc and Trump’s media venture president, Trump Media & Technology Group, and has ties to conservatives to begin selling stocks in the stock market.
