Ramaswamy acquires activist stake in BuzzFeed
Biotech entrepreneur and former GOP presidential nominee Vivek Ramaswamy acquired an activist stake in BuzzFeed, according to a new regulatory filing.
A May filing with the Securities and Exchange Commission shows Ramaswamy acquired a 7.7 percent stake and 2.7 million shares in BuzzFeed as the company continues to face financial challenges.
The billionaire used his personal funds and is looking to implement "numerous operational and strategic opportunities to maximize shareholder value, including a shift in the company's strategy," the filing stated.
When reached for comment over the move, Ramaswamy told The Hill "Stay tuned!"
BuzzFeed, which has been known as a news, quiz and games website since its launch in 2006, has struggled to stay profitable in a changing media landscape.
In February, the company slashed 16 percent of its workforce in a “planned strategic restructuring” aimed at reducing the company’s expenses. The company at the time said the cuts would allow it “become more agile, sustainable and profitable."
The digital media company also sold Complex Networks, a pop culture media startup, at a significantly discounted price tag in February, and last year shut down its news division and laid off 15 percent of its workforce.
The company did not immediately respond to a request for comment.
Ramaswamy suspended his GOP presidential bid in January and endorsed former President Trump following a disappointing showing in the Iowa caucuses. He has since appeared with Trump along the campaign trail and attended the former president's hush money trial in New York last week.