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. , the digital publishing company that shut down its media outlet last year.Ramaswamy acquired a 7.

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, then early last year announced that it was shutting down its Pulitzer Prize winning digital media outlet BuzzFeed News. 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.

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