Newsmax’s debut on the New York Stock Exchange (NMAX) on Monday caught the attention of major media around the globe after its stock price rose over 700% in its first day of trading.

Shares of Newsmax, which were priced at a flat $10 for its initial public offering, found eager buyers as its shares started trading early Monday at around $14 a share.

But what happened in the ensuing hours shocked even Wall Street pros as they watched the ticker show Newsmax stock crashing through the $50 and $60 barriers.

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