Shares of the conservative media outlet Newsmax ( NMAX -77.37%) had sunk by nearly 50% as of 1:25 p.m. ET today. There was no obvious reason behind the move but the stock has traded like a meme stock since going public on Monday, so big moves are to be expected.

Even after crashing down to earth Wednesday, Newsmax is still valued at an extreme premium compared to Fox and the New York Times.

Ruddy ended the day with some $3.3 billion in stock after the share price jumped 735%. CNBC reported that on Tuesday morning, the stock jumped another 100%.