Newsmax Founder, Ex-NY Post Journalist, Is Now Billionaire (1)

Newsmax Inc.’s debut as a public company has given founder and Chief Executive Officer Christopher Ruddy a fortune of about $3.3 billion after its shares surged 735%.

The conservative cable news network sold $75 million of shares at $10 each in Monday’s initial public offering. The stock closed at $83.51 after repeated trading pauses due to volatility.

Christopher Ruddy

Photographer: Al Drago/Bloomberg

Read More: Newsmax Draws Retail Trader Wave With 735% Surge in Debut

Ruddy’s 39.2 million class A shares, owned through a revocable trust, have 10 votes each, giving him control of 81% of the company’s votes. He didn’t sell any shares ...