The MAGA cable channel Newsmax was briefly worth $30 billion this week before its share prices tumbled by 80 percent three days after its market debut. The company briefly had a market cap of $30 billion, surpassing Fox News by $5 billion, until Wednesday’s nosedive. The company kicked off its initial public offering at $10 on Monday morning and began trading at $14 before surging to $279 the next day and closing at $233. By the end of Wednesday, though, it had fallen to $52.52. The valuation now sits at $6.7 billion, even though the company posted a $72 million loss last year and is facing a lawsuit from Dominion Voting Systems. Experts say it has all the hallmarks of a meme stock, a company whose shares gain viral popularity instead of being evaluated based on business fundamentals. President Donald Trump’s media company DJT was also considered a meme stock because it enjoyed a brief market surge despite bringing in almost no revenue. “This is like the initial market reaction to DJT on steroids,” Interactive Brokers chief strategist Steve Sosnick told The Independent. Nevertheless, Newsmax rang the opening bell for the New York Stock Exchange Thursday morning—the same day markets plummeted in response to Trump’s trade war announcement.
Newsmax team - and Rudy Giuliani - get to ring the opening bell on a day when Trump's tariffs crater the stock market. pic.twitter.com/QuzQXjqyRk
— Anthony Zurcher (@awzurcher) April 3, 2025
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