The billionaire co-founder of LinkedIn has given voting software company Smartmatic a fresh infusion of cash so that they can continue with their massive defamation lawsuit against Fox News. The network could be in serious trouble now, as the cash is going to be used to make sure that the company has the resources to keep the best lawyers around and to make sure that any delays won't financially hurt Smartmatic. Farron Cousins explains what's happening.

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*This transcript was auto-generated. Please excuse any typos.

Fox News suffered a devastating blow this week when it was announced that Reed Hoffman, the billionaire co-founder of LinkedIn, has decided to invest millions and millions of dollars into Smart Mad, the voting machine software company that is currently suing Fox News for defamation for, I believe, hundreds of millions of dollars, if not maybe over $1 billion. Now everybody remembers last year of course, we had Fox News settle the lawsuit filed against them by Dominion Voting Systems, uh, and they got almost $800 million just in the settlement. And smart, mad, not necessarily as big of a company as Dominion as far as I've seen, but still a good company they've been putting out this software haven't had issues with it. Republicans drag the company's name through the mud following the results of the 2020 election. So they sued Fox News for defamation. And this issue, this defamation lawsuit has of course been dragged on for years now.

It's not even going to trial until next year. So when you're fighting for a lawsuit for years, whether you're fighting for it or fighting it, it costs you millions of dollars. So smart Matt has had to pay tons and tons and tons of money to their lawyers for discovery filings, all of that for years, and it can be financially draining for a company, which of course is why Reed Hoffman stepped up and said, Hey, I know maybe cash is a little tight. Um, let me help you with that. And now smart Matt has this fresh infusion of cash to make sure that not only can they keep paying their lawyers, but if they need to get some other lawyers on board, they'll have the money for it. If they want to go reach out to maybe some high profile lawyers, they could do that as well.

Hoffman is going to make sure that this company has the financial resources so that they don't have to either settle for a low settlement or hopefully they can take Fox News all the way to trial and absolutely decimate them in court. Here's what Hoffman had to say about it. Smart Matic built a global business by using technology to better engage citizens regardless of party or ideology, by making voting simple and trustworthy. After Donald Trump lost in 2020, however, smart Matic became a target of the defamatory campaign to overturn his defeat. Then a spokesman for Hoffman's Company said, when Reed deploys financial capital, that always has a philosophical element of protecting the rule of law, we've always thought the court system was an important part of the battle to protect America from maga. Now, Fox News is not too happy about this because they understand that Reed Hoffman has a pretty good history of throwing money behind

Lawsuits that then turn out to be successful. After all, he did help, uh, to a degree, I'm not sure how big of a degree, but he helped finance to a degree, Eugene Carroll's defamation lawsuit against Donald Trump. So Fox News acting like this is totally cool, normal, we're not afraid. Fox News issued this statement as a report prepared by our financial experts shows smart Madox damages claims against Fox News are highly implausible, disconnected from reality, and on their face intended to chill First Amendment freedoms. So their alliance with a high profile democratic donor and longtime supporter of President Biden to fund their lawsuit is entirely predictable. We remain ready to defend this case surrounding extremely newsworthy events when it goes to trial next year.

Were you that arrogant when you settled with Dominion? Hmm. Because you talk about newsworthy events, first Amendment, we've all already seen the documents, guys. I mean, we've seen the internal emails, the internal text messages. Your people knew that this was not newsworthy. They knew that it was not true. Those have been made public. That's of course what led to Tucker Carlson getting fired, and now you're like, we know what we're doing. No, you don't. You know, you're about to get your handed to you the second you walk into that courtroom.

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