Reported about 21 hours ago
Newsmax's stock plummeted over 77% on Wednesday, erasing much of its staggering post-IPO gains that had boosted its valuation from $1.2 billion to $20.8 billion in just two days. The stock decline reflected serious financial losses for the unprofitable conservative news outlet, whose market cap shrank to $4.7 billion. Newsmax is also dealing with lawsuits related to its coverage of the 2020 election, further complicating its financial stability.
Source: YAHOO