Near the end of market close on Tuesday, MAGA cable channel Newsmax – which posted a $72 million loss last year – was suddenly valued at roughly $30 billion, more than conservative media stalwart Fox Corporation’s current market cap of $24.75 billion, and making it larger than massive companies like Tyson Foods and Estee Lauder.
Additionally, with share prices surging over 2000 percent following the network’s Monday debut on the New York Stock Exchange, Newsmax CEO and founder Chris Ruddy – the company’s largest shareholder – could count himself among the billionaire class, at least on paper. Following Tuesday’s stunning stock performance, Ruddy’s holdings were worth over $8 billion, according to Bloomberg.
