Newsmax Inc. shares shed more than three-quarters of their value on Wednesday after a raucous two-day surge fueled in part by retail traders briefly made it larger than Fox Corp.

The stock slumped 77%, wiping out $23 billion in market value, after a 2,230% surge in Newsmax’s first two days as a public company. Retail investors were less vocal about the stock in trader chatrooms compared to prior days, with buy orders on Fidelity’s platform more muted compared to those for larger companies.