Vivek Ramaswamy Acquires 7.7% Activist Stake in BuzzFeed, Shares Soar 80%

May 22, 2024, 02:00 PM

Former Republican presidential candidate and biotech entrepreneur Vivek Ramaswamy has acquired a 7.7% activist stake in BuzzFeed, becoming the fourth-largest investor in the digital media company. Ramaswamy, who believes BuzzFeed is undervalued, plans to engage in discussions with the company's board to explore various operational and strategic opportunities aimed at maximizing shareholder value. Following the announcement, BuzzFeed's stock soared, with shares increasing by as much as 80% at one point and trading at $3.86, up by 60.0%. Ramaswamy's investment, valued at just under $4 million, includes shares and call options worth approximately $5 million. He is seeking a strategic shift for the company, which shut down its media outlet last year.