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

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.

Because its business is consuming cash, Newsmax had to raise capital from investors. While awaiting its IPO, it launched a private offering to sell up to $225 million of convertible preferred stock. The IPO raised another $75 million in cash to help fund Newsmax's operations and growth.

Newsmax's shares closed with a more-than-eight-fold gain at $83.51 on Monday, partly buoyed by retail interest.

The stock began trading at $14 Monday before surging a staggering 735%. Shares rose another 180% Tuesday, rocketing Newsmax's market cap from $1.2 billion upon its market debut to $20.8 billion. The stock's performance showed the Trump trade still has room to run in some cases, just as the president's tariff policies slam the market at large.

The rise follows conservative media company Newsmax's Monday public debut, which was the best-performing first day since 2022.