Shares of the right-wing news channel Newsmax surged after debuting on the New York Stock Exchange, reaching $229 per share on Tuesday. In just two days after going public, the stock rose by 2,190%, pushing the company’s market capitalization above $20 billion.

This surge made Newsmax founder and CEO Chris Ruddy a billionaire on paper. Moreover, the company’s valuation surpassed that of well-known media outlets like The New York Times and came close to Fox Corporation — owner of Fox News.

The stock’s rise may be linked to the limited number of shares offered in the so-called “mini IPO.” The company sold only 7.5 million shares at $10 each, raising $75 million. The small float made the stock vulnerable to sharp price swings — nearly 9 million shares had traded hands by 3:02 p.m. on Tuesday.

“Having a small float gives Newsmax the characteristics of a typical ‘meme stock,’” said Paul Hickey, co-founder of Bespoke Investment Group, in an interview with Business Insider. “There’s not a lot of stock available relative to the market cap, so it can be easily pushed around.”

Newsmax became one of the top trending tickers on Stocktwits, with retail investors actively discussing the record-breaking rally. Some remained skeptical about further gains: “This is greed to the max. Enjoy the speculative ride while it lasts.”

Following Trump’s election victory in November, conservative media outlets have been enjoying a boom. The president is a regular guest on Newsmax, which helped drive viewership. While still behind Fox News, the channel’s popularity has steadily increased since the 2024 election.

In 2024, Newsmax reported $171 million in revenue and a $72 million loss. In February, the company also raised $225 million through a private offering of preferred shares. Newsmax trades under the ticker symbol NMAX.