Vivek Ramaswamy Buys Stake In BuzzFeed, Stock Price Jumps On News

Entrepreneur Vivek Ramaswamy has taken a 7.7% stake in BuzzFeed, according to a filing from the Securities and Exchange Commission (SEC).

The former Republican presidential candidate’s SEC filing revealed the acquisition came between March 14 and May 21, making up 2.7 million shares. Costs of the shares ranged anywhere between $1.54 and $2.51, according to the filing.

Ramaswamy said in the filing that he believes BuzzFeed’s shares are “undervalued and represent an attractive investment opportunity.”

The filing also notes that the Ramaswamy “will seek to engage in a dialogue with the Issuer’s Board of Directors (the ‘Board’) and/or management about numerous operation and strategic opportunities to maximize shareholder value, including a shift in the Company’s strategy.”

Shares rose to $4.44 in the market this morning when the Ramaswamy stake was revealed. That was its highest midday level since April 2023, according to Bloomberg News.

BuzzFeed, like many media companies, has been struggling, It shut its news division amid ongoing challenging economics.

Ramaswamy made his fortune as a biotech investor and became a billionaire at one point.