Ramaswamy Invests In BuzzFeed

Former Republican presidential candidate Vivek Ramaswamy bought a stake in the ailing media company BuzzFeed last week. The investment could spark growth in the company, which has been in decline for years.

Ramaswamy purchased 7.7% of the company’s stock, which is likely to have a significant effect on its future.

The former candidate said that he would “seek to engage in a dialogue” with the current heads of the company, including regarding “numerous operational and strategic opportunities to maximize shareholder value, including a shift in the Company’s strategy.”

The investment caused a sharp increase in the company’s stock.

BuzzFeed Surges After Vivek Ramaswamy Buys 7.7% Stake In The Cat Slideshow Tabloid https://t.co/uERM6yWozQ

— zerohedge (@zerohedge) May 22, 2024

Much of Ramaswamy’s strategy has not been revealed, but is expected to be a topic of discussion over the coming weeks and months.

The investment came before Ramaswamy spoke to the Libertarian National Convention over the weekend.

Buzzfeed received considerable attention about a decade ago, emerging as a main source of soft articles meant to be shared on social media. This included references to pop culture and quizzes geared toward women.

However, the website quickly developed a starkly left-wing political bias and emerged as one of the major detractors of former President Donald Trump.

The site’s credibility and visitor numbers have declined in recent years. The partial purchase by Ramaswamy could further increase attention to the outlet, which once boasted dozens of employees before a series of painful layoffs.

Ramaswamy emerged as one of the leading Republican candidates late last year, in part due to his social media persona. The candidate continues to attract significant attention, including a possible place in a future Trump administration.

The purchase is one of several recent investments in media by conservative figures in recent years. Trump controls Truth Social, which he formed after being suspended by Twitter, which is now called X.

Ramaswamy’s move also came as Trump recently merged the social media company, bringing considerable attention on the stock market.

Twitter was purchased by Tesla founder Elon Musk, who then made the name change. The billionaire unsuspended Trump’s account as well as a number of conservatives.