Newsmax Draws Retail Chatter Amid $67M Settlement With Dominion: Investors Extremely Bullish Ahead Of Earnings
Synopsis
In 2023, Fox News agreed to pay $787.5 million to settle a similar lawsuit from Dominion.
Newsmax drew strong retail buzz on Monday after the conservative TV network settled a defamation lawsuit from Dominion Voting Systems linked to the media outlet’s coverage of the 2020 elections.
On Stocktwits, the retail sentiment for the company rose multiple notches higher in the 'extremely bullish' zone (96/100), and 24-hour message volume increased a whopping 6,000%. NMAX stock, which gained 15% in Monday's session and extended those gains in after-hours trading, was among the top five trending tickers on Stocktwits.
A flurry of user comments dissected the news ahead of the company's earnings report, to come after the market closes on Tuesday, and noted their interest in short calls following the stock's volatile debut.
Newsmax shares, which were listed on the New York Stock Exchange on Mar. 31, gained over 2,000% in the first two days. The gains all but reversed in days, and the stock is currently up about 40% from its IPO price of $10.
Newsmax stated on Monday that it has agreed to pay Dominion $67 million to settle Dominion's lawsuit. The voting machines company had accused the TV network of willfully broadcasting "verifiably false lies" following President Donald Trump's 2020 election defeat, causing "devastating economic harm" to the firm.
Newsmax said it would pay up in installments in August, January 2026, and January 2027. In 2023, Fox News agreed to pay $787.5 million to settle a similar lawsuit from Dominion.
Incidentally, the same judge handled both Newsmax's and Fox's cases with Dominion, and made a similar ruling that the networks repeated false claims by Trump's allies about his 2020 loss despite internal communications showing that executives knew the claims were bogus.
The settlement news comes as Trump vowed in a social media post Monday to eliminate mail-in ballots and voting machines, such as those supplied by Dominion and other companies, ahead of the 2026 midterm elections. It was unclear how the Republican president could achieve that.
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