Newsmax shares plunged over 75% on Wednesday, reversing a nearly 2,000% surge in its first two trading days after its debut; according to CNBC Newsmax reached a market cap of nearly $30 billion at its peak, briefly outpacing media giant Fox Corp. Retail traders flocked to Newsmax's public offering, with some comparing it to GameStop’s 2021 meme stock frenzy. Newsmax’s ratings have climbed alongside Trump and Republican gains, but it still trails Fox News while ranking in the top 20 for cable viewership, according to Nielsen.