Culture Society, Identity and Belonging
Meet America’s newest multibillionaire. Christopher Ruddy, a rightwing media mogul and golf buddy of Donald Trump, had his stock in Newsmax valued at more than $9 billion after the TV company’s blockbuster public listing on Monday.
Since then, charged by Trump’s endorsement, shares in the company have climbed 2,200 per cent, drawing comparisons to the rise of “meme stocks” like GameStop.
Hedge funds have been taking out short positions in the expectation that it can’t go on forever.
Despite a capitalisation of nearly $30 billion (more than Fox News) Newsmax lost $72 million on $171 million in revenue last year. It also settled a defamation case for eight figures.
