Buzzfeed shares soar as Indian-American Vivek Ramaswamy acquires 7.7 percent stake

Former Republican presidential candidate Vivek Ramaswamy takes a 7.7% stake in Buzzfeed.

Published on: May 22, 2024, 22:37:13 IST

APPosted by Shweta Kukreti

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Former Republican presidential candidate and biotech entrepreneur Vivek Ramaswamy has purchased a minority stake in Buzzfeed, the digital publishing company that shut down its media outlet last year.

Shares of the company skyrocketed more than 50% before the market open on Wednesday.

Ramaswamy acquired a 7.7% stake in Buzzfeed, according to a filing with the Securities and Exchange Commission late Tuesday.

Ramaswamy said in the filing that he believes Buzzfeed's stock is undervalued. He is looking to speak with the company's board and management.

Buzzfeed has struggled to prop up sales since it went public in 2021. In late 2022 job cuts began rolling out with the company citing a poor digital advertising environment, then early last year announced that it was shutting down its Pulitzer Prize winning digital media outlet BuzzFeed News.

The corporate parent’s co-founder and CEO Jonah Peretti said in a memo to staff at the time that in addition to the news division, layoffs would take place in its business, content, tech and administrative teams.

Earlier this month, Buzzfeed reported a first-quarter loss of $35.7 million, or 72 cents per share, on revenue of $44.8 million. Advertising revenue fell 22%, while content revenue declined 19% and the company is projecting a worsening revenue situation.

Ramaswamy suspended his bid for the 2024 Republican presidential nomination in January and endorsed former President Donald Trump after finishing a distant fourth in Iowa’s leadoff caucuses.

The son of Indian immigrants, Ramaswamy entered politics at the highest level after making hundreds of millions of dollars at the intersection of hedge funds and pharmaceutical research, a career he charted and built while graduating from Harvard University and then Yale Law School.

Shares of Buzzfeed Inc., based in New York City, rose 59% to about $4 early Wednesday.

ABOUT THE AUTHOR
Shweta Kukreti
Shweta Kukreti has over 8 years of experience in covering Indian and world politics. She joined the Hindustan Times in 2024 and is primarily assigned to the US desk. She currently works as Deputy Chief Content Producer and reports on a wide range of topics, including US politics, immigration issues (especially H-1B visa) and major global events. Shweta strongly emphasizes team operations, which encompasses monitoring news, delegating tasks, editing, developing comprehensive coverage strategies, and crafting engaging, and data-informed narratives. She received the Digi Star Award at the Hindustan Times within a year of joining for her broad coverage of US politics. In 2025, she earned both a promotion and a redesignation, a significant achievement recognising her contributions and the strong value she brings to the team. She has previously worked with the Indian Express, HTDS, ANI and Republic World. Seniors in all the media organisations recognised her work. Regarding education, she earned a BA (Hons.) in Political Science and a master's degree from Delhi University, and she pursued a PG Diploma in English Journalism from the Indian Institution of Mass Communication (IIMC). She also holds a diploma in Women's Empowerment and Development from IGNOU University and a French certification course from Alliance Française de Delhi. If not working, you can find her exploring the hills and engaging in adventurous activities in Rishikesh and Himachal Pradesh. She loves to play badminton, volleyball, and chess, and spend time with her friends and family. She also enjoys spiritual activities.Read More

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