New York CNN —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.
Ramaswamy “believes the securities of the Issuer are undervalued and represent an attractive investment opportunity,” the filing.
BuzzFeed’s portfolio of brands includes HuffPost, Tasty and the First We Feast brand that houses its “Hot Ones” YouTube series.
Last year, BuzzFeed shuttered its Pulitzer Prize-winning digital news site as part of a broader move to slash the company’s headcount by 15%.
Persons:
Vivek Ramasamy, he’s, Ramaswamy, ” Ramaswamy, Tricia McLaughlin, BuzzFeed, Ramaswamy “
Organizations:
New, New York CNN, Republican, BuzzFeed, CNN, Networks
Locations:
New York