Donald Trump-Aligned Cable TV Network Newsmax Skyrockets In IPO; Shares Up More Than 700%
deadline.comShares in Newsmax, the cable TV news outlet known for its sympathetic coverage of Donald Trump, soared more than 700% on their first day of trading.
The IPO was priced at $10 a share last Friday, with the offering netting $75 million after 7.5 million Class B shares went on sale.
In February, Newsmax said it had completed a private preferred offering raising $225 million. Monday’s price explosion, which triggered multiple halts in trading from the New York Stock Exchange, appeared to be caused by individual and retail investors looking to buy into Trump’s second term.
Along with Trump loyalists, who have bought shares in his media company, parent of Truth Social, as well as right-leaning social outlet Rumble, Newsmax also generated considerable attention online.
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