In a surprising turn of events, former Indian American Republican presidential candidate Vivek Ramaswamy has acquired a substantial stake in BuzzFeed, igniting a frenzy in the stock market. The media company witnessed a remarkable surge of approximately 20% in its stock price following the revelation of Ramaswamy’s 7.7% ownership, with an earlier surge of over 82% signaling investors’ confidence.
BuzzFeed Inc. swiftly responded to the development, asserting its commitment to maintaining editorial integrity while remaining receptive to shareholder input. Ramaswamy, in his filing, expressed his belief in BuzzFeed’s undervaluation and identified it as a promising investment opportunity. Moreover, he outlined his intentions to contribute to reshaping the company’s strategy.
This move comes at a critical juncture for BuzzFeed, which has seen a staggering 92% decline in its stock since going public in 2021, albeit still maintaining a valuation above its lowest point at 67 cents per share. With Ramaswamy’s strategic involvement, the media giant anticipates a revitalization that could redefine its trajectory in the market.