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Ramaswamy's Stake in BuzzFeed Exceeds 10% by End of 2024?
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Resolution / Starting Odds
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No • 50%
SEC filings or major financial news outlets
Story
Vivek Ramaswamy Acquires 7.7% Stake in BuzzFeed ($BZFD), Shares Surge 60%
May 22, 2024, 12:20 PM
Entrepreneur and former US presidential candidate Vivek Ramaswamy has acquired a 7.7% activist stake in BuzzFeed ($BZFD). Ramaswamy believes the digital media company is undervalued and is seeking a meeting with its board to discuss a potential strategic shift. Following the announcement, BuzzFeed's stock surged significantly, with shares up by as much as 60% in pre-market trading and 40% in regular trading. An SEC filing revealed that Ramaswamy's shares and call options in BuzzFeed are worth just under $4 million. Ramaswamy's interest is also seen as a move to support BuzzFeed News.
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Ramaswamy gains a board seat • 25%
Ramaswamy's proposals are rejected • 25%
Partial implementation of Ramaswamy's proposals • 25%
Full implementation of Ramaswamy's proposals • 25%
Diversification into new media formats • 33%
Cost-cutting measures • 33%
Sale or merger with another company • 34%
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