Conservative cable channel Newsmax shares plunge more than 70% after a dizzying 2-day surge [CNBC]
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Source: CNBC
Shares of conservative news channel plunged more than 70% on Wednesday as its meteoric rise as a new public company proved to be short-lived. The stock tumbled a whopping 72% in afternoon trading, following a 2,230% surge in Newsmax's first two days of trading after debuting on the New York Stock Exchange. At one point, the rally gave the company a market capitalization of nearly $30 billion — surpassing the market cap of legacy media companies like and Chart Newsmax was listed on the NYSE , instead of a traditional IPO. Such an offering allows small companies to raise capital without undergoing the full SEC registration process. The primary focus is to sell to retail investors, in this case It was sold to approximately 30,000 retail investors. The public offering indeed garnered the attention from retail traders, some of whom touted the stock as the “New GME” in online chatrooms. GME refers to the meme stock GameStop, which made Wall Street history in 2021 by its speculative
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GME
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- 9/9/25 - Beat
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