BuzzFeed’s stock price soared after activist investor Vivek Ramaswamy disclosed a 9.1% stake in the digital media company, making him the largest outside shareholder. Ramaswamy, known for his involvement with companies like Twitter and Disney, believes BuzzFeed is undervalued and has significant potential for growth. He plans to engage with BuzzFeed’s management and board to explore strategic alternatives, including potential acquisitions or a sale of the company. BuzzFeed’s shares jumped as much as 97% on the news, reflecting investor optimism about Ramaswamy’s involvement and the potential for changes at the company. However, BuzzFeed has faced challenges in recent years, including declining revenue and layoffs, as it navigates the evolving digital media landscape. Ramaswamy’s stake and potential influence could lead to significant changes at BuzzFeed as the company seeks to unlock value and chart a new course.
Source: https://www.cnn.com/2024/05/22/investing/buzzfeed-stock-vivek-ramaswamy-activist-stake/index.html