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Newsmax's (NMAX) stock skyrocketed an incredible 735% following its initial public offering (IPO), with founder Christopher Ruddy's stake now worth $8.4 billion.
Market Domination Overtime host Josh Lipton and Barron associate editor Al Root highlight the wealth generated by this spike while noting that analysts advise against chasing these volatile moves.
To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
Let's check in on Newsmax cuz that stock ripping, extending its massive 735% gain following yesterday's IPO. Now, maybe viewers right now having kind of meme stock recollections and moments. It has kind of got feels to these moves are incredible. By the way, Bloomberg is out with a piece just talking about, all right, this this spike we're seeing here. They know it has made some folks very rich. At least on paper, Al. They point out founder and CEO, that would be your man Christopher Ruddy. So he owns nearly one-third of the company shares. That would be worth Al a cool 8.4 billion. That's with a B. Interactive Brokers Group founder, Thomas Peterffy, owns the second largest stake. Also looking pretty good here. Now worth nearly $5 billion.
Uh, well you're depressing me because if you look at News Corp and Fox Corp, it's not it's not the same level, unfortunately. Uh, meme stock is right.
Listen.
Um, so if you're asking the Barron's associate editor and analyst, you must not chase these moves. If you are desperate, you take a very small portion of your portfolio just so you can say you were there. But you have to wait for these things to settle down.
Yeah, yes.
All right. Wise Barron's advice as always, Al. Thank you, Pete.