Newsmax’s rollercoaster debut on the New York Stock Exchange continued on Wednesday when the network’s shares tumbled nearly 80 percent. The dive wiped out most of the short-lived gains that briefly gave the MAGA cable channel a market cap of $30 billion, surpassing Fox Corporation’s valuation by $5 billion.

The cratering of the share price on the network’s third day as a publicly traded company seemed to prove what investment experts warned following the stock price’s 2000 percent two-day surge: that Newsmax was nothing more than a “meme stock” and…