Newsmax Shares Plunge Over 75%, Erasing 2,000% Rally That Briefly Pushed Valuation Past Fox Corp

Benzinga

Newsmax shares plunged over 75% on Wednesday, reversing a nearly 2,000% surge in its first two trading days after its debut; according to CNBC Newsmax reached a market cap of nearly $30 billion at its peak, briefly outpacing media giant Fox Corp. Retail traders flocked to Newsmax's public offering, with some comparing it to GameStop’s 2021 meme stock frenzy. Newsmax’s ratings have climbed alongside Trump and Republican gains, but it still trails Fox News while ranking in the top 20 for cable viewership, according to Nielsen.

Transcript

00:00It's Benzinga bringing Wall Street to Main Street. Newsmax shares plunged over 75% on Wednesday,

00:05reversing a nearly 2,000% surge in its first two trading days after its debut, according to CNBC.

00:10Newsmax reached a market cap of nearly $30 billion at its peak, briefly outpacing media

00:15giant Fox Corp. Retail traders flocked to Newsmax's public offering, some comparing it to GameStop's

00:202021 meme stock frenzy. Newsmax's ratings have climbed along Trump and Republican gains,

00:26but it still trails Fox News, ranking in the top 20 for cable viewership, according to Nielsen.

Category

Transcript

Comments

Recommended