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