Fox Corp. tumbles 6% as President Trump retweets support for rival networks Newsmax and OANN
Nov. 12, 2020, 08:15 PM
Fox Corp. tumbled as much as 6% on Thursday as President Donald Trump retweeted support for its rival right-leaning news networks Newsmax and OANN.
Trump and his supporters have been irritated by Fox News ever since the network called the state of Arizona for President-elect Joe Biden on the night of the presidential election.
And with a Biden presidency slated for 2021, Trump could have his eyes set on creating his own news network to directly compete with Fox, according to Axios.
"@FoxNews daytime ratings have completely collapsed. Weekend daytime even WORSE. Very sad to watch this happen, but they forgot what made them successful, what got them there..." Trump tweeted on Thursday.
Class A shares of Fox News parent-company Fox Corp. dropped as much as 6% on Thursday as President Donald Trump retweeted support for its rival right-leaning news networks Newsmax and OANN.
Some of Trump's Thursday retweets include: "#FoxNews is dead," "Fox has been completely unfair and untruthful. Moving to Newsmax," and "Newsmax and Oann are great alternatives [to Fox News]."