Newsmax shares plunge nearly 80 percent after wild ‘meme stock’ ride briefly valued it higher than Fox
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…
