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

FILE - Vivek Ramaswamy speaks during the Conservative Political Action Conference, CPAC 2024, at National Harbor, in Oxon Hill, Md., Saturday, Feb. 24, 2024. Ramaswamy had purchased a 7.7% stake in Buzzfeed, the Pulitzer Prize winning digital media outlet that went into restructuring last year. Shares skyrocketed more than 50% before the market open on Wednesday, May 22.

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.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

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.

Source: News Formal (newsformal.com)

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