Donald Jr went on the attack against ABC News on Saturday after it emerged that its claim that Donald Trump ordered Michael Flynn to contact Russia was inaccurate.

The news company said it had suspended Brian Ross, its chief investigative correspondent, over the Friday claim, which saw US stocks, the dollar and Treasury yields drop in response.

'@ABC retracts their misleading "bombshell" and removes their tweet approximately 12 hours after they knew it to be false,' Trump Jr tweeted.

'I know it's rare for you guys to get more than 200 RTs so I guess you milk it when you can?!?! #fakenews'

Scroll down for video

ABC News' Brian Ross (left) has been suspended without pay for four weeks after he wrongly said on Friday that Donald Trump told Michael Flynn to contact Russia

Ross' source actually told him that Trump told Flynn and others to figure out ways to help improve relations with Russia and other countries. Don Jr ripped into ABC News afterwards

Donald Trump also tweeted sarcastic congratulations to ABC News for suspending Ross, once more invoking 'fake news'

Trump also tweeted about the suspension.

'Congratulations to ABC News for suspending Brian Ross for his horrendously inaccurate and dishonest report on the Russia, Russia, Russia Witch Hunt,' he wrote.

'More Networks and "papers" should do the same with their Fake News!'

Flynn pleaded guilty on Friday to lying to the FBI about his contacts with Russia, and he agreed to cooperate with prosecutors who are delving into the actions of President Donald Trump's inner circle before he took office.

Soon after, ABC News - citing a confidant of Flynn's - reported that the former national security adviser was prepared to testify that Trump directed him to make contact with Russians when he was a presidential candidate.

Wall Street's main indexes all fell by more than 1 per cent after the report.

ABC News later issued a correction that the source clarified that Trump had assigned Flynn and a 'small circle of senior advisers' to find ways to improve relations with Russia and other hotspots during the presidential campaign.

'It was shortly after the election that President-elect Trump directed Flynn to contact Russian officials on topics that included working jointly against ISIS,' ABC News said.

In a statement on Saturday , ABC said: 'We deeply regret and apologize for the serious error we made yesterday.

'As a result of our continued reporting over the next several hours ultimately we determined the information was wrong and we corrected the mistake on air and online.

'Effective immediately, Brian Ross will be suspended for four weeks without pay.'