BuzzFeed Shares Soar as Ramaswamy Takes Stake
- Ramaswamy’s Strive Asset Management is anti-activism
- Online media company has struggled for years amid ad pullback
Vivek Ramaswamy
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BuzzFeed Inc. shares soared Wednesday after the entrepreneur and former US presidential candidate Vivek Ramaswamy reported a stake in the online media company and asked for talks with the board.
Ramaswamy, a Republican who ended his candidacy in January and threw his support behind Donald Trump, has taken a 7.7% stake in BuzzFeed, worth about $6.81 million based on Tuesday’s closing share price. In a filing with the Securities and Exchange Commission, Ramaswamy said he seeks to “engage in a dialogue with board or management about numerous operational and strategic opportunities to maximize shareholder value, including a shift in the company’s strategy.”