Newsmax Inc. (NMAX) stock continued its roller-coaster ride in pre-market trading on Thursday, plummeting 9.82% following a series of dramatic price swings since its initial public offering (IPO). The conservative media outlet, which went public on Monday at $10 per share, has been experiencing extreme volatility that has caught the attention of investors and market analysts alike.

The pre-market plunge comes on the heels of a staggering 77.5% decline during Wednesday's regular trading session, which itself followed an unprecedented 2,230% gain in the stock's first two days of trading. Newsmax's share price had skyrocketed to as high as $233 by Tuesday's close, drawing comparisons to the meme stock phenomenon and raising concerns about its inflated valuation.

Market observers attribute the ongoing sell-off to a combination of factors, including profit-taking, reassessment of the company's fundamentals, and growing skepticism about its long-term prospects. Despite the initial euphoria, Newsmax reported only $171 million in revenue last year, a figure that seems at odds with the multi-billion-dollar market capitalization it briefly achieved. Additionally, the company faces ongoing litigation related to its 2020 election coverage, which could potentially impact its financial outlook. As reality sets in, investors appear to be reevaluating their positions, leading to the continued downward pressure on the stock price in pre-market trading.