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Market
Scale of job cuts at BuzzFeed by end of 2024
5
Resolution / Starting Odds
No job cuts • 20%
Small scale (less than 10%) • 20%
Moderate scale (10% to 20%) • 20%
Large scale (more than 20%) • 20%
Complete restructuring • 20%
BuzzFeed's official announcements or major credible media outlets
Story
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.
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Similar markets
Shift towards more conservative content • 33%
Maintenance of current editorial stance • 33%
Shift towards more varied political content • 34%
Diversification into new media formats • 33%
Expansion of investigative journalism • 33%
Enhancement of digital advertising strategies • 34%
Resignation • 33%
Continuation in role • 33%
Role change within company • 34%
Diversification into new media formats • 33%
Cost-cutting measures • 33%
Sale or merger with another company • 34%
Reduction less than 25% • 25%
Reduction 25%-50% • 25%
Reduction 51%-75% • 25%
Reduction more than 75% • 25%
Less than 500,000 • 33%
Between 500,000 and 600,000 • 34%
More than 600,000 • 33%