(Reuters) -Shares of Truth Media & Technology Group, the parent company of President Donald Trump's Truth Social platform, plunged more than 6.5% on Wednesday after the company filed papers that would allow the president's trust to sell a large number of shares.

Newsmax's shares closed with a more-than-eight-fold gain at $83.51 on Monday, partly buoyed by retail interest.

Retail traders on Stocktwits were buzzing, with some skeptical that the huge gains could continue. Newsmax saw its market cap soar to $20 billion Tuesday.

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.

Newsmax's share price soared when it started trading Monday on the New York Stock Exchange under the ticker "NMAX."

Babcock & Wilcox's stock closed Tuesday at an all-time low 46 cents per share. On quarterly earnings call, executives discuss looming debt deadlines.

The New York Stock Exchange launched its Texas exchange with its first listing by Trump Media & Technology Group.

Equity Stock Transfer congratulates Chris Ruddy and Newsmax on this milestone and thanks the team at Digital Offering and Vinyl Equity for their assistance in processing the transfers. Equity Stock Transfer through its relationship with Vinyl Equity helped achieve this success using custom systems software jointly developed to service large private offerings which utilize general solicitation and advertising for investors as allowed under the Jobs Act and Regulation D under the Securities Act of 1933.