Newsmax’s wild🌳 ride continues. This time, though, the rollercoaster went down.

Shares of the media company finished Wednesday's session off 77% at under $53 apiece. plummeting in their third session as a publicly traded company. Newsmax (NMAX) 澳洲幸运5官方开奖结果体彩网:went public Monday—its I🐼PO p𝓀rice was $10, and it opened at $14—to kick off a dramatic upward run. The stock finished yesterday at $233 after slipping from intraday highs of $265. 

Investors’ eagerness to get a piece of the action had been hard to miss, outstripping the enthusiasm for another recent high-profile IPO. Nvidia-backed (NVDA) data center company CoreWeave (CRWV) 澳洲幸运5官方开奖结果体彩网:finished Friday, its first day of trading, right at its IPO price—but it raced higher Tuesday, ending the day above $52. The stock♛ ended Wednesday around $61 after its own up-and-down session.

Until this morning, investors had largely been willing to place bets on Newsmax, a company that was unprofitable in both of the last two years. Newsmax, as of yesterday’s close, had a market capitalization higher than that of Fox Corp. (FOX). 

"I think we're becoming very competitive" with Fox News, CEO Chris Ruddy said Monday on CNBC, describing Newsmax as "conservative, with an independent news mission."

This article has been updated since it was first published to reflect fresh share-price information.