Newsmax Inc., the conservative cable news network founded by Christopher Ruddy, has become a publicly traded company. This move has led to a significant increase in Ruddy’s net worth, making him a billionaire. The company sold $75 million of shares at $10 each during its initial public offering (IPO) on Monday.
Following the IPO, Newsmax’s shares surged 735%, closing at $83.51 per share after trading pauses due to volatility. Ruddy’s newfound wealth brings his fortune to approximately $3.3 billion.
Source: https://www.bloomberg.com/news/articles/2025-03-31/newsmax-founder-ruddy-ex-ny-post-journalist-is-now-billionaire