Famous media mogul Rupert Murdoch is resigning from his presidency of News Corp. and Fox. His eldest son Lachlan Murdoch will become the sole president of News Corp. and the executive and CEO of Fox Corp. Murdoch resigned at a time when he faced difficulties such as the lawsuit filed by Dominion against Fox News for claiming that it rigged the 2020 elections and the $800 million settlement. Murdoch created a wide network of publications known for adopting conservative ideas and became one of the world’s richest media executives with a net worth of $8.3 billion.