Shares of conservative news channel Newsmax dropped over 70% after a significant two-day surge. Initially, the stock skyrocketed by 2,230% in its first two days of trading on the New York Stock Exchange, briefly valuing the company at nearly $30 billion. Newsmax went public through a Regulation A offering, targeting retail investors. Retail traders, comparing it to GameStop’s 2021 boom, fueled the rally. However, the stock’s decline reflects its small float, with less than 6% of shares available for trading. Despite its rising ratings due to political figures like Donald Trump, Newsmax remains behind Fox News in viewership.
— new from CNBC
