BuzzFeed stock soars after Vivek Ramaswamy acquires activist stake
CNN
BuzzFeed’s stock is soaring after an activist investor revealed he believes he can help turn things around at the beleaguered media company.
BuzzFeed’s stock is soaring after former Republican presidential candidate Vivek Ramasamy revealed that he’s taken an activist stake in the beleaguered media company in a bid to adjust the firm’s strategy. Shares of BuzzFeed gained about 20% on Wednesday after a securities filing revealed that Ramaswamy has acquired a 7.7% stake in the company. The stock popped more than 82% earlier in the day at its highs. “Stay tuned,” Ramaswamy told CNN through spokesperson Tricia McLaughlin. BuzzFeed did not immediately respond to CNN’s request for comment. Ramaswamy “believes the securities of the Issuer are undervalued and represent an attractive investment opportunity,” the filing. He also seeks a “shift in the Company’s strategy,” the filing said.
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