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.