Vivek Ramaswamy’s Stake In Buzzfeed Boosts Stocks

India-West News Desk

NEW YORK, NY – Former GOP presidential nominee Vivek Ramaswamy has acquired a 7.7% stake in BuzzFeed, according to a new regulatory filing. The acquisition, detailed in a 13D filing, sent shares of the struggling media company soaring more than 50% to $4.15 in pre-market trading, reaching their highest point since March 2023.

The filing indicates that Ramaswamy intends to be an activist investor in BuzzFeed, with plans to shake up the company’s strategy. The shares, totaling 2.7 million, were purchased with Ramaswamy’s personal funds between March 14 and May 21 of this year, at prices ranging from $1.54 to $2.51.

BuzzFeed has faced significant challenges since its volatile public debut in December 2021, prompting the company to pursue a reverse stock split in April to maintain its Nasdaq listing. In response to its struggles, BuzzFeed announced changes that will tie most of the executive team’s compensation, including CEO Jonah Peretti’s, to the company’s stock performance.