Newsmax listing turns media boss and Trump ally Ruddy into billionaire

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The story "Newsmax listing turns media boss and Trump ally Ruddy into billionaire" was covered 1 days ago by Financial Times, a news publisher based in United States.

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Financial Times 1d ago

Newsmax listing turns media boss and Trump ally Ruddy into billionaire - Financial Times

Quick Summary:

Newsmax, like Fox News, was sued by voting technology companies Dominion and Smartmatic for their alleged involvement in spreading election denialism in 2020.

Newsmax on Tuesday was valued at roughly half of Fox Corp’s $24bn market capitalisation — even though Fox made $14bn in revenue in fiscal 2024, compared to just $171mn for Newsmax.

Some hedge funds have begun betting against Newsmax, paying a high rate of interest to borrow its stock in anticipation its shares will quickly fall.