Newsmax’s wild ride continues.
Shares of the media company were recently off some 40% to $140, plummeting to start their third day of trading. Newsmax (NMAX) went public Monday—its IPO price was $10, and it opened at $14—to kick off a dramatic upward run. The stock finished yesterday at $233 after slipping from intraday highs of $265.
Investors’ eagerness to get a piece of the action has been hard to miss, outstripping the enthusiasm for another recent high-profile IPO. Nvidia-backed (NVDA) data center company CoreWeave (CRWV) finished Friday, its first day of trading, right at its IPO price—but it raced higher Tuesday, ending the day above $52. The stock was down slightly in recent trading.
Until this morning, investors had largely been willing to place bets on Newsmax, a company that hasn’t yet turned a profit. Newsmax, as of yesterday’s close, had a market capitalization higher than that of Fox Corp. (FOX).
“I think we’re becoming very competitive” with Fox News, CEO Chris Ruddy said Monday on CNBC, describing Newsmax as “conservative, with an independent news mission.