MOXC - Moxian stock plummets down over 40% today

Becart/E+ via Getty Images Chinese business-focused social media platform Moxian ([[MOXC]] -47.4%) saw a massive share price drop today after its surge earlier this year. The company saw gains of over 2,000% from the beginning of the year to mid-July. It was unclear why Moxian's stock price had risen so much over the past year, with little to no operating results to justify the high valuation. This quarter, the company posted revenues of $22,890 and a net loss of $1.68M mostly from an allowance for doubtful accounts expense. Moxian's website states that they are "a pioneering internet company, seeking to revolutionize traditional businesses by leveraging on technology, insights and creativity." The company terminated a proposed merger with Btab Group, Inc. in March.

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Moxian stock plummets, down over 40% today