Newsmax, a conservative media company, became a meme stock after its IPO skyrocketed by 2,190%, bringing its market valuation to over $20 billion.

If you follow the media world at all, there is a good chance Newsmax's initial public offering has caught your attention. How could it not? The conservative news outlet made its Wall Street debut on Monday morning,

Newsmax (NMAX) stock dropped roughly 68% Wednesday afternoon, partially reversing a massive post-IPO surge that saw shares soar from $14 to $233. The stock's spiral sent Newsmax's market cap down to $6.

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

Newsmax debuted on the New York Stock Exchange on Monday and surged over 500% in the first few hours of trading, leading to nearly a dozen trading halts following its initial public offering, as its market cap surged to more than $5.5 billion.

The conservative news outlet’s blockbuster public listing on Monday catapulted its founder and CEO, Chris Ruddy, into the billionaire ranks.

Newsmax, a conservative media company, became a meme stock after its IPO skyrocketed by 2,190%, bringing its market valuation to over $20 billion.