Newsmax Inc.’s shares plummeted 77%, wiping out $23 billion in market value, after a brief surge as the company became the largest media firm in the US temporarily surpassing Fox Corp. The stock rose 2,230% over its first two days on the public market but lost momentum as retail traders returned to a more muted stance, reducing buy orders compared to larger companies like Fox Corp.
Source: https://www.bloomberg.com/news/articles/2025-04-02/newsmax-s-value-cut-in-half-after-2-230-surge-loses-momentum