Former GOP candidate Vivek Ramaswamy has acquired a stake in Buzzfeed after purchasing $2.7 million shares. In the filing, he said he believes the company’s stock is “undervalued” and represents “an attractive opportunity.”
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Ramaswamy expressed a desire to maximize shareholder value, which includes a shift in Buzzfeed’s strategy with its board and management. According to PEOPLE, his acquisition is notable since the conservative entrepreneur is known for his outspoken stance against critical race theory, climate change efforts, and diversity programs. His views are detailed in his 2021 best-selling book, “Woke, Inc.: Inside Corporate America’s Social Justice Scam,” and its 2022 follow-up, “Nation of Victims: Identity Politics, the Death of Merit, and the Path Back to Excellence.”
Although Ramaswamy has not publicly commented on his Buzzfeed investment, his spokesperson said, “Stay tuned” to CNBC. The announcement of his investment caused Buzzfeed’s stock to increase over 50% during pre-market trading on Wednesday, May 22. This investment comes over a year after Buzzfeed shut down its news unit and laid off approximately 180 employees in April 2023.
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As previously reported, Ramaswamy made headlines earlier this year after finishing fourth in January’s Republican caucuses in Iowa. He suspended his 2024 presidential campaign and endorsed Donald Trump, which positioned him as a potential running mate for Trump. Sources circulated that he might be considered for a Cabinet position if Trump is re-elected. He is also the founder of Montes Archimedes Acquisition Corp. and co-founder of Strive Asset Management.
There were some mixed reactions to his acquisition of Buzzfeed, where some questioned how the company would move forward :
