Former Republican presidential candidate and entrepreneur Vivek Ramaswamy invested in BuzzFeed, according to a Securities and Exchange Commission (SEC) filing.
SEC is filing It was revealed that Ramaswamy purchased 7.7% of BuzzFeed stock, totaling 2.7 million shares, between March 14 and May 21.
Prices for the shares ranged from $1.54 to $2.51, according to the filing.
Buzzfeed shares soar after entrepreneur and former US presidential candidate Vivek Ramaswami reports his stock holdings and seeks consultation with the board of directors https://t.co/YlYzXaYVv1
— Bloomberg Markets (@markets) May 22, 2024
Ramaswamy said in the filing that he believes BuzzFeed shares are “undervalued and represent an attractive investment opportunity.”
NEW YORK, NY – DECEMBER 06: BuzzFeed appears in front of the Nasdaq market site as the media company goes public on Nasdaq through a merger with a special purpose acquisition company on December 6, 2021 in New York City. Shares of the digital media company, trading under the new ticker “BZFD,” rose 12.7% to $10.84 as the market opened on Monday. (Photo by Spencer Pratt/Getty Images)
The filing states that the “Rapporteur,” also known as Mr. Ramaswamy, “has consulted with the issuer’s Board of Directors (the “Board of Directors”) regarding a number of operational and strategic opportunities to maximize shareholder value, including a shift in the Company’s strategy. “We will endeavor to engage in dialogue with the Board of Directors”) and/or management.”
Following the news that Ramaswamy had purchased BuzzFeed stock, the company’s stock price “rose as much as 77% at market open on Wednesday to $4.44, its highest price since April 2023.” , Bloomberg News.
This was the biggest increase in BuzzFeed shares in February, according to the media outlet.
Since the company was founded in 2021 public BuzzFeed stock fell 92% in December, according to CNN.
In recent years, BuzzFeed has laid off some staff and sold Complex Networks, which it acquired for $300 million in 2021, for $108.6 million.
