Vivek Ramaswamy Pushes For BuzzFeed Board Seats

Former 2024 GOP presidential candidate Vivek Ramaswamy has issued a seven-page letter to BuzzFeed’s board of directors, reviewed by FOX Business, urging the troubled media company to add three more directors he has vetted and adapt its business model to survive as the company hemorrhages money.

Since going public in December 2021, BuzzFeed’s market value has plummeted from around $1.5 billion to just under $100 million.

While shares of BuzzFeed have rallied 180% this year, the recent boost coincided with reports of Ramaswamy’s buying of the shares. He is now the second-largest Class A shareholder with an 8.37% stake.

“The public markets have spoken,” Ramaswamy said, adding, “I own your stock because I believe BuzzFeed can still become a more valuable company than at its initial listing, but this requires a major shift in strategy,” Ramaswamy said.

Still, the stock is well off its peak of around the $40 per share level reached in 2021.

“Almost two decades after its founding, BuzzFeed is now effectively a startup with a paltry ~$100 million market capitalization,” he said. “I view that as an opportunity.”

Read more here from Fox Business.