The parent company of right-of-center cable news channel Newsmax had its Wall Street debut on Monday, and its share price definitely put on a show for investors and retail traders alike. This article,

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

Shares of Newsmax dropped ahead of their third trading day after surging in their debut. The stock was down 23% at $179 in premarket trading. Shares debuted with an initial public offering price of $10 each and soared in their first two days on the market,