Vivek Ramaswamy acquires activist stake in BuzzFeed

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Former GOP presidential nominee and entrepreneur Vivek Ramaswamy has acquired a 7.7% stake in BuzzFeed, according to a new regulatory filing.

Why it matters: Shares in the struggling media company jumped more than 50% to $4.15 in pre-market trading, their highest point since March 2023.

Zoom in: The 13D filing indicates that Ramaswamy plans to be an activist investor with plans to shake up the company, including a "shift in strategy."

The shares were acquired with his personal funds, the filing said.

Representatives for BuzzFeed and Ramaswamy did not immediately respond to a request for comment
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By the numbers: Ramaswamy acquired 2.7 million shares in BuzzFeed between March 14 and May 21 of this year, at prices ranging from $1.54 to $2.51.

Catch up quick: Ramaswamy dropped out of the Republican presidential nomination in January and endorsed former President Trump.

The 38-year-old biotech entrepreneur made his name on the campaign trail as an active participant in media — appearing consistently on cable TV networks and podcasts, and posting frequently on social media.

The big picture: BuzzFeed has faced serious challenges on the public market ever since its volatile public debut in December 2021.

The company pursued a reverse stock split effort in April to ensure it could remain on the Nasdaq.

Last week, BuzzFeed announced changes that would tie most of the executive team's compensation, including CEO Jonah Peretti's, to the company's stock performance.

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