(Reuters) – Shares of conservative news outlet Newsmax jumped over 18% before the bell on Tuesday, extending the stock’s gains a day after its stunning debut on the New York Stock Exchange.
The stock’s premarket price of $99 is nearly 10 times its IPO price of $10, and now values the cable news network at nearly $12 billion.
Newsmax shares soared more than eight fold on Monday, partly buoyed by retail investors’ interest.
Even a day after its stellar debut, the stock was the top trending ticker on retail investor-focused social media stocktwits.com.
By 6:06 a.m. ET, Newsmax shares worth about $13.7 million changed hands, more than those of Broadcom, Berkshire and Dell combined.
The conservative cable news operator, which raised $75 million in its IPO last week, is looking to grow its influence among Americans, with President Donald Trump in power.
Founded in 1998 by Christopher Ruddy, Newsmax started as a digital brand and launched its cable news channel in 2014. It also streams for free on platforms such as its Newsmax app and YouTube.
While IPO activity is steadily increasing this year, fears surrounding Trump’s tariff policy and a prolonged trade war are casting doubts on the ramp up of public offerings in the U.S.
(Reporting by Zaheer Kachwala and Medha Singh in Bengaluru; Editing by Leroy Leo)
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