by Jason Cohen
Former Republican presidential candidate and businessman Vivek Ramaswamy (pictured above) purchased an activist stake in BuzzFeed, according to a May Securities and Exchange Commission filing.
Ramaswamy purchased a 7.7% stake consisting of 2.7 million shares between March 14 and May 21 at costs ranging from $1.47 to $2.51 per share, according to the filing. The businessman asserted in the filing that he feels the company’s shares are “undervalued and represent an attractive investment opportunity.”
The New York Times vehemently claims that the noncitizen voting problem is a “false narrative.” If it’s such a non-issue, it’s interesting that they’re so staunchly opposed to a bill that bans it. pic.twitter.com/o40FK6sU05
— Vivek Ramaswamy (@VivekGRamaswamy) May 22, 2024
Ramaswamy “will seek to engage in a dialogue with the Issuer’s Board of Directors (the “Board”) and/or management about numerous operational and strategic opportunities to maximize shareholder value, including a shift in the Company’s strategy,” according to the filing.
Buzzfeed has been laying off employees since late 2022 as it has struggled with digital advertising, according to The Associated Press. The company closed down its BuzzFeed News in early 2023.
The company also recently reported a loss of $35.7 million in the first quarter of 2024 as advertising revenue plunged 22%, according to the AP.
“It’s an interesting bet,” an individual who is close to Ramaswamy told Mediaite. “Vivek, the anti-woke warrior, buying a material stake in one of America’s most woke media entities would signal to this long time investor that he intends to make it a free speech platform … If he turns it around financially, he would have serious street cred for another conservative political move.”
Ramaswamy in January suspended his presidential campaign and endorsed former President Donald Trump as the 2024 Republican nominee. The businessman also recently visited Trump at the New York courthouse where he is currently on trial.
“The most remarkable part was the one thing you get from being in that courtroom is a sense of the depressing atmosphere, which matches the depressing nature of what’s happening in there. It’s sort of like a concrete poem for the decline of America, actually. You get like a third-world visual, atmospheric courtroom, open wires sticking out, temperature regulation nonexistent, stuffy air a thick scent. And in the same place is happening. It’s not just third-world atmospherics, but a third-world proceeding,” Ramaswamy told the Daily Caller.
Online news outlet The Messenger shut down in January after less than a year of operations; the outlet started out with $50 million in May 2023, but it was hemorrhaging tens of millions of dollars while only taking in about $3 million in revenue last year. The Washington Post planned to eliminate roughly 240 jobs as of December 2023 amid its financial struggles and NPR has similarly been laying off workers since 2022.
BuzzFeed and Ramaswamy did not immediately respond to the Daily Caller News Foundation’s request for comment.
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Jason Cohen is a reporter at Daily Caller News Foundation.
Photo “Vivek Ramaswamy” by Vivek Ramaswamy.
