Biotech entrepreneur and former Republican presidential candidate Vivek Ramaswamy has acquired an activist stake in BuzzFeed, according to a new regulatory filing.
a May be submitted to The Securities and Exchange Commission said Ramaswamy acquired 7.7 percent of BuzzFeed Inc., or 2.7 million shares, as the company continues to face financial challenges.
The billionaire aims to use his personal funds to realize “a number of operational and strategic opportunities to maximize shareholder value, including transforming the company’s strategy,” the filing states. There is.
When asked for comment on the move, Ramaswamy told The Hill, “Stay tuned!”
Founded in 2006, BuzzFeed is known as a news, quiz and games website but has struggled to remain profitable amid a changing media landscape.
In February, the company cut 16% of its workforce in a “planned strategic restructuring” aimed at cutting costs. The company said at the time that the headcount reductions will allow it to become “more agile, sustainable and profitable.”
The company also sold pop culture media startup Complex Networks at a steep discount in February, and last year closed its news division and laid off 15% of its employees.
The company did not respond to requests for comment.
Ramaswamy put his candidacy on hold for the Republican presidential nomination in January and endorsed former President Trump after disappointing results in the Iowa caucuses. Since then, he has appeared on the campaign trail with Trump and attended the former president’s hush money trial in New York last week.
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