Newsmax went public this week, and the low volume of shares available to trade has exacerbated the impact of high demand, sending the stock soaring.

Newsmax lost $55 million in the first half of last year. But its stock surged this week as shares in the company traded on the public market for the first time.

The stock tumbled a whopping 77% Wednesday, following a 2,230% surge in Newsmax's first two days of trading after debuting on the New York Stock Exchange.

Hoping to replicate, if not challenge, Fox Corporation, Newsmax went public this week. The Trump-friendly cable TV network raised $75mn. On Tuesday, its shares surged from its listing price of $10 to $233, implying a market capitalisation of $30bn.

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

Newsmax's share price soared when it started trading Monday on the New York Stock Exchange under the ticker "NMAX."

Newsmax, the conservative news outlet, saw its shares hike over 500% in early trading on its first day on the New York Stock Exchange