Stunning stat: Newsmax soars 722% in Day 1 trading

Newsmax, a conservative media company that lost $55 million in the first half of 2024 on revenue of $80 million, was valued at $7.4 billion at the close of trade today, its first day as a public company.

• Why it matters: That's 92% of the value of the New York Times, which made $106 million in net profit over the same period, on revenue of $1.2 billion.