Cable news channel Newsmax stock takes breather after staggering rally

Conservative cable news channel Newsmax's NMAX.N shares plunge as much as 50.2%; last down 40.6% at $138.40

Boca Raton, Florida-based NMAX market value set to fall by $12.1 billion, if losses hold

Stock rose as high as $265 on Tuesday before closing up 179% at $233, building on Monday's 735% gain

About 11.4 million NMAX shares changed hands on Tuesday, per LSEG data

NMAX has 128.4 million outstanding shares, per SEC filing, giving the firm $29.9 billion valuation at Tuesday's close

Stock has been popular with retail investors, drawing parallels to the pattern of other hotly traded retail favorites, known as meme stocks

NMAX went public on Monday after $75 million "mini-IPO" where it sold 7.5 million shares at $10 apiece

"Mini-IPOs" are mainly focused on retail investors, unlike traditional IPOs, which are largely limited to institutional investors

As of last close, NMAX shares up 2,230% since debut on Monday