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Vivek Ramaswamy Acquires 7.7% Stake in BuzzFeed, Calls for Major Overhaul as Stock Surges 20%

May 28, 2024, 10:19 AM

Former Republican presidential candidate Vivek Ramaswamy has acquired a 7.7% activist stake in BuzzFeed, worth approximately $6.81 million. Following the disclosure of his investment, BuzzFeed's stock surged by 20%. Ramaswamy has called for significant changes at the media company, including the addition of three new board members, large-scale job cuts, and a shift towards more conservative voices. NBCUniversal, which had invested $400 million in BuzzFeed in 2015 and 2016, sold $10.1 million worth of its BuzzFeed stock after Ramaswamy's stake was disclosed. Ramaswamy has also urged BuzzFeed to revamp its business model to avoid bankruptcy, emphasizing a focus on video content and hiring new voices like Tucker Carlson. BuzzFeed's market value has plummeted from $1.5 billion to under $100 million. Ramaswamy communicated his proposals in a seven-page letter to BuzzFeed's board, including CEO Jonah Peretti.