Newsmax Inc., a conservative cable news network, made its public debut as a company, giving founder and CEO Christopher Ruddy an estimated fortune of $3.3 billion after its shares surged 735%. The initial public offering saw the company raise $75 million by selling shares at $10 each. The stock closed at $83.51, with repeated trading pauses due to volatility.
Ruddy, who owns 39.2 million class A shares through a revocable trust, has control of 81% of the company’s votes. Other significant investors include Interactive Brokers Group Inc.’s founder Thomas Peterffy and Qatari royal Sheikh Sultan bin Jassim Al-Thani, both owning large stakes in the company.
Newsmax’s market value now exceeds $10.7 billion, with the firm reporting a net loss of $72 million last year on revenue of around $171 million. In comparison, Fox Corp., which operates competing network Fox News, reported net income of $2.4 billion on $6.5 billion of revenue in the same period.
Ruddy founded Newsmax in 1998 as a conservative news website and expanded into cable news in 2014. He is the son of a police officer and holds degrees from St. John’s University and the London School of Economics. His wealth has increased significantly following the company’s successful IPO.
Source: https://finance.yahoo.com/news/newsmax-founder-christopher-ruddy-ex-210443266.html