BuzzFeed stock jumps as Vivek Ramaswamy reports 7.7% stake

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BuzzFeed stock jumps as Vivek Ramaswamy reports 7.7% stake
Credit: © Reuters.
(Updated - May 22, 2024 7:38 AM EDT)

Shares of media company BuzzFeed (BZFD) jumped 24% premarket Wednesday following news that American entrepreneur and politician Vivek Ramaswamy has acquired a stake in the company.

In a filing, it was revealed that Ramaswamy has taken a 7.7% stake in the company.

At the time of writing, BuzzFeed shares are trading at $3.10 after closing Tuesday's session down 1.6% at $2.50.

The filing states that Ramaswamy believes BuzzFeed shares are undervalued and "represent an attractive investment opportunity."

In addition, he "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."

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