Newsmax, a conservative media company, became a meme stock after its IPO skyrocketed by 2,190%, bringing its market valuation to over $20 billion.

Newsmax debuted on the New York Stock Exchange on Monday and surged over 500% in the first few hours of trading, leading to nearly a dozen trading halts following its initial public offering, as its market cap surged to more than $5.5 billion.

Conservative new channel Newsmax's stock surged again on Tuesday after skyrocketing Monday in its first day of trading.

Newsmax, a conservative media company, became a meme stock after its IPO skyrocketed by 2,190%, bringing its market valuation to over $20 billion.

The conservative news outlet’s blockbuster public listing on Monday catapulted its founder and CEO, Chris Ruddy, into the billionaire ranks.

(Reuters) -Shares of conservative news outlet Newsmax soared more than 27% before the bell on Tuesday, extending their gains a day after a stunning debut on the New York Stock Exchange. The stock traded at $106,