NRI PULSE STAFF REPORT
New York, NY, May 22, 2024: BuzzFeed’s stock jumped after Vivek Ramaswamy, the former Indian American Republican presidential candidate, bought a significant share in the company and announced plans to help change its strategy.
On Wednesday, BuzzFeed’s stock price went up by about 20%. This happened after it was revealed in a securities filing that Ramaswamy now owns 7.7% stake in the media company. Earlier in the day, the stock had risen by more than 82%.
BuzzFeed Inc. responded by saying, “BuzzFeed is purposely structured to protect its editorial integrity. We are always open to hearing ideas from our shareholders.”
In his filing, Ramaswamy said he thinks BuzzFeed’s stock is undervalued and a good investment. He also wants to help shift the company’s strategy.
Since BuzzFeed went public in 2021, its stock has dropped by about 92%. However, it is still above its lowest price of 67 cents per share.
