Reported 5 months ago
BuzzFeed's stock price surged by 83% after former Republican presidential candidate Vivek Ramaswamy acquired a 7.7% stake in the media company and expressed intentions to drive changes to enhance shareholder value. Ramaswamy plans to engage the board in discussions regarding operational and strategic opportunities, aiming to shift the company's strategy. BuzzFeed has faced challenges since going public via a SPAC in 2021, with its stock plummeting over 90% since then. Ramaswamy, known for his anti-woke stance, has raised questions about BuzzFeed's strategic direction following the disclosure of his stake.
Source: YAHOO