Conservative news network Newsmax (NMAX) crashed 77.5% on Wednesday, cutting short its explosive post-IPO run. The stock had soared 2,230% in

Newsmax (NMAX) stock dropped roughly 68% Wednesday afternoon, partially reversing a massive post-IPO surge that saw shares soar from $14 to $233. The stock's spiral sent Newsmax's market cap down to $6.

After its euphoric debut, the company saw a sharp correction, plunging 79% on its third day as a publicly traded stock. It has now caught the attention of bearish investors, who are betting against it

The conservative news outlet’s blockbuster public listing on Monday catapulted its founder and CEO, Chris Ruddy, into the billionaire ranks.

Shares of conservative news outlet Newsmax skyrocketed in the company’s first day of trading on the New York Stock Exchange Monday after a $75 million initial public offering.

Newsmax, a conservative media company, became a meme stock after its IPO skyrocketed by 2,190%, bringing its market valuation to over $20 billion.