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Newsmax (NMAX) stock dropped just over 77% Wednesday, forfeiting a large chunk of its massive post-IPO surge that saw shares soar from $14 to $233.
The stock's spiral sent Newsmax's market cap down to $4.7 billion, just a fraction of its roughly $21 billion value at Tuesday's close. Shares ended Wednesday's trading session at $52.71.
Newsmax is a conservative cable news outlet and Fox News alternative that was founded in 1998 by CEO Christopher Ruddy, a media mogul and friend of US President T...
>>> Read more: Newsmax stock plummets nearly 80% after wild post-IPO rally pushed company value north of $20 billion
The stock's spiral sent Newsmax's market cap down to $4.7 billion, just a fraction of its roughly $21 billion value at Tuesday's close. Shares ended Wednesday's trading session at $52.71.
Newsmax is a conservative cable news outlet and Fox News alternative that was founded in 1998 by CEO Christopher Ruddy, a media mogul and friend of US President T...
>>> Read more: Newsmax stock plummets nearly 80% after wild post-IPO rally pushed company value north of $20 billion
