Vivek Ramaswamy, a former Republican presidential candidate and biotech entrepreneur, has acquired a 7.7% stake in digital publisher BuzzFeed. The company’s shares surged following the announcement. Ramaswamy, who believes BuzzFeed’s stock is undervalued, aims to engage with its board and management for potential strategic discussions.
BuzzFeed has faced financial challenges since its 2021 public debut, including a significant first-quarter loss this year and declining revenues in advertising and content. The company had previously shut down its award-winning news outlet, BuzzFeed News, and implemented layoffs across various departments.
Ramaswamy, who recently endorsed Donald Trump after suspending his own presidential campaign, is known for his success in the biotech and investment sectors, having founded companies at the nexus of hedge funds and pharmaceutical research. His political and business moves are closely watched as the 2024 election approaches.
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