Reported 5 months ago
Former Republican presidential candidate Vivek Ramaswamy has acquired a 7.7% stake in Buzzfeed, leading to a more than 50% surge in the company's shares before the market opening. Ramaswamy believes Buzzfeed's stock is undervalued and aims to engage with the company's board and management. Buzzfeed has faced challenges with declining revenue, job cuts, and the closure of its Pulitzer Prize-winning digital media outlet. Ramaswamy, a biotech entrepreneur, suspended his presidential bid earlier this year and endorsed former President Donald Trump, having amassed wealth through hedge funds and pharmaceutical research.
Source: YAHOO