Newsmax's stock took flight immediately following its IPO, soaring as much as 2,230% by Tuesday. Yesterday, however, shares of Newsmax plummeted 77%.

Retail traders on Stocktwits were buzzing, with some skeptical that the huge gains could continue. Newsmax saw its market cap soar to $20 billion Tuesday.

Newsmax shares plunged Wednesday in the third day of trading for the media company after a wild response to its Monday IPO.

As of midday Monday, Newsmax stock was up by 532%, and shares were trading at a whopping $63.20 apiece. The spike has been so intense that trading was halted for volatility five times in the first 30 minutes after market opening, Bloomberg reports.

Conservative cable network Newsmax (NYSE:NMAX) exploded onto the public markets on Monday, closing at $83.51—up a staggering 735% from its $10

The IPO rally became the largest in the history of the NYSE, propelling the media company's owner to multi-billionaire status.