Hoping to replicate, if not challenge, Fox Corporation, Newsmax went public this week. The Trump-friendly cable TV network raised $75mn. On Tuesday, its shares surged from its listing price of $10 to $233, implying a market capitalisation of $30bn.

Newsmax lost $55 million in the first half of last year. But its stock surged this week as shares in the company traded on the public market for the first time.

Even after crashing down to earth Wednesday, Newsmax is still valued at an extreme premium compared to Fox and the New York Times.

Conservative cable network Newsmax (NYSE:NMAX) exploded onto the public markets on Monday, closing at $83.51—up a staggering 735% from its $10

There's a new Trump trade on Wall Street, and it's as volatile as the president's agenda.

Investors are glued to Newsmax (NMAX) after shares of the conservative cable TV network rallied an extraordinary 1,00% since their New York Stock Exchange debut on Monday, March 31. The unusual interest in the media outlet’s listing may have been related to its favorable coverage of President Donald Trump and his frequent appearances on Newsmax broadcasts.

The incredible rally in the newly listed shares of Newsmax, Inc. (NMAX) continued into day two, with retail investors forming a highly bearish view but piling on nonetheless. Shares of the TV news network gained 179% to close at $233 on Tuesday after climbing over 700% the previous day.

A destination for political conservatives, the Boca Raton, Fla.-based news operation surges after its initial public offering.