Reported 5 months ago
BuzzFeed Inc. saw a significant increase in its shares after entrepreneur Vivek Ramaswamy, a former US presidential candidate, disclosed a 7.7% stake in the company worth around $6.81 million and expressed interest in engaging with the board regarding operational and strategic opportunities to enhance shareholder value. Ramaswamy, known for founding Roivant Sciences Ltd. and co-founding Strive Asset Management, has taken an active stance in the company since suspending his political campaign, sparking curiosity about BuzzFeed's future direction. The company has faced challenges in recent years due to advertising cutbacks and is exploring debt restructuring options while tying executive compensation to stock performance.
Source: YAHOO