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Vivek Ramaswamy Acquires 7.7% Stake in BuzzFeed, Shares Surge Over 50% to $4.15

May 22, 2024, 12:33 PM

Vivek Ramaswamy, a biotech entrepreneur and former Republican presidential candidate, has acquired a 7.7% stake in BuzzFeed, a digital media company. According to an SEC filing, Ramaswamy believes BuzzFeed is undervalued and is seeking to engage in dialogue with the company's board to discuss potential strategic shifts to maximize shareholder value. Following the announcement, BuzzFeed's shares surged, with pre-market trading showing an increase of over 50%, reaching $4.15, their highest point since March 2023. The stock later traded at $3.86. Ramaswamy's acquisition and activist stance have generated significant market interest and speculation about the future direction of BuzzFeed.