MEGL Stock Plunges 90% After Post-IPO Squeeze

There’s a popular saying in the stock market that equities generally go up on an escalator and down in an elevator. However, with the incredible parabolic move we’ve seen in $Magic Empire Global(MEGL.US)$ , investors have found out what can happen when a stock skips the elevator and takes off in a rocket. Today, MEGL stock lost around 90% of its value as momentum very clearly shifted to the downside in this stock.
Thus, perhaps the magic is over.
Magic Empire went public on Friday at a price of $4 per share. This stock then shot to nearly $250 per share yesterday, an overall gain of more than 6,000%. Today, MEGL stock has descended from the clouds, trading around $15 per share at the time of writing.
$AMTD Digital(HKD.US)$ $Helbiz(HLBZ.US)$ $SIGA Technologies(SIGA.US)$