Online reports that according to the Financial Times, right-wing media tycoon and longtime friend of Trump, Chris Ruddy has become a billionaire because Newsmax's share price continues to soar after it went public on Monday, an unlikely outcome for a loss-making cable channel. Newsmax shares rose more than 70% in early trading on Tuesday, then widened to more than 150%, before closing up more than 700% on Monday, echoing the "meme craze" that swept the U.S. stock market in 2021. Rudy, a former New York Post reporter and a frequent visitor to Trump's Mar-a-Lago estate, owns 39.2 million Newsmax Class A shares, which were valued at $5.6 billion on Tuesday morning.