Former Republican presidential candidate Vivek Ramaswamy takes a 7.7% stake in BuzzFeed

Advertisement

Advertise with us

Former Republican presidential candidate and biotech entrepreneur Vivek Ramaswamy has purchased a minority stake in BuzzFeed, the digital publishing company that shut down its media outlet last year.

Read this article for free:


or

Already have an account? Log in here »

To continue reading, please subscribe:

Subscribe and receive a limited-edition Free Press branded hat or tote.

Digital Subscription

One year of digital access for only $205*

  • Enjoy unlimited reading on winnipegfreepress.com
  • Read the E-Edition, our digital replica newspaper
  • Access News Break, our award-winning app
  • Play interactive puzzles

*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.

To continue reading, please subscribe:

Add Free Press access to your Brandon Sun subscription for only an additional

$1 for the first 4 weeks*

  • Enjoy unlimited reading on winnipegfreepress.com
  • Read the E-Edition, our digital replica newspaper
  • Access News Break, our award-winning app
  • Play interactive puzzles
Start now

*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.

Hey there, time traveller!
This article was published 22/05/2024 (868 days ago), so information in it may no longer be current.

Former Republican presidential candidate and biotech entrepreneur Vivek Ramaswamy has purchased a minority stake in BuzzFeed, the digital publishing company that shut down its media outlet last year.

Shares of the company skyrocketed higher Wednesday.

Ramaswamy acquired a 7.7% stake in BuzzFeed, according to a filing with the Securities and Exchange Commission late Tuesday.

FILE - Vivek Ramaswamy speaks during the Conservative Political Action Conference, CPAC 2024, at National Harbor, in Oxon Hill, Md., Saturday, Feb. 24, 2024. Ramaswamy had purchased a 7.7% stake in Buzzfeed, the Pulitzer Prize winning digital media outlet that went into restructuring last year. Shares skyrocketed more than 50% before the market open on Wednesday, May 22. (AP Photo/Alex Brandon, File)
FILE - Vivek Ramaswamy speaks during the Conservative Political Action Conference, CPAC 2024, at National Harbor, in Oxon Hill, Md., Saturday, Feb. 24, 2024. Ramaswamy had purchased a 7.7% stake in Buzzfeed, the Pulitzer Prize winning digital media outlet that went into restructuring last year. Shares skyrocketed more than 50% before the market open on Wednesday, May 22. (AP Photo/Alex Brandon, File)

Ramaswamy said in the filing that he believes BuzzFeed’s stock is undervalued. He is looking to speak with the company’s board and management.

BuzzFeed has struggled to prop up sales since it went public in 2021. In late 2022 job cuts began rolling out with the company citing a poor digital advertising environment, then early last year announced that it was shutting down its Pulitzer Prize winning digital media outlet BuzzFeed News.

The corporate parent’s co-founder and CEO Jonah Peretti said in a memo to staff at the time that in addition to the news division, layoffs would take place in its business, content, tech and administrative teams.

Earlier this month, BuzzFeed reported a first-quarter loss of $35.7 million, or 72 cents per share, on revenue of $44.8 million. Advertising revenue fell 22%, while content revenue declined 19% and the company is projecting a worsening revenue situation.

Ramaswamy suspended his bid for the 2024 Republican presidential nomination in January and endorsed former President Donald Trump after finishing a distant fourth in Iowa’s leadoff caucuses.

The son of Indian immigrants, Ramaswamy entered politics at the highest level after making hundreds of millions of dollars at the intersection of hedge funds and pharmaceutical research, a career he charted and built while graduating from Harvard University and then Yale Law School.

Shares of BuzzFeed Inc., based in New York City, rose 22% to about $3.05 early Wednesday.

Report Error Submit a Tip

More Stories

Province takes aim at ER wait times by adding community-care capacity to free up hospital beds

Chris Kitching 5 minute read Preview

Province takes aim at ER wait times by adding community-care capacity to free up hospital beds

Chris Kitching 5 minute read 6:30 PM CDT

The province is aiming to free up hospital beds and cut wait times by adding 103 community-based care spaces in Winnipeg for patients who need shelter or specialized supports in order to be discharged.

Read
6:30 PM CDT

Whistleblower pharmacist fined for misconduct after complaint

Nicole Buffie 5 minute read Preview

Whistleblower pharmacist fined for misconduct after complaint

Nicole Buffie 5 minute read 4:57 PM CDT

A Manitoba pharmacist who made complaints against a colleague that led to sanctions against him has now also been fined due to her own conduct.

Read
4:57 PM CDT

The election of our discontent: City at a crumbling crossroads, grumbling residents say in poll

Matthew Frank 7 minute read Preview

The election of our discontent: City at a crumbling crossroads, grumbling residents say in poll

Matthew Frank 7 minute read Updated: Yesterday at 3:16 PM CDT

There’s an undercurrent of unhappiness running through the Winnipeg electorate as the municipal election day approaches.

One-half of Winnipeggers believe the city is heading in the wrong direction, according to a new Abacus Data poll, with nearly one-third unsure if Winnipeg is regressing or progressing.

Only 21 per cent of residents believe the city is on the right track, the Free Press-commissioned poll found.

That discontentment extends to how the city spends its tax dollars, with four in 10 Winnipeggers believing they receive poor value for what they pay in property taxes.

Read
Updated: Yesterday at 3:16 PM CDT

Sky is the limit for Lavoie

Joshua Frey-Sam 7 minute read Preview

Sky is the limit for Lavoie

Joshua Frey-Sam 7 minute read 6:09 PM CDT

Anisha Kinnarath Salam is gearing up for an important week.

AK Soccer Academy, the Winnipeg-based club Kinnarath Salam and her father started in 2019, is in Surrey, B.C., this week for the Canada Soccer National Championships — a first for the 15U girls team — and Kinnarath Salam believes her side has a legitimate shot at winning it all.

“We’ve had the squad, but this is a very talented group,” said Kinnarath Salam. “A few of these girls have been with us since they were five years old. A few have been with us since they were like 10. But we got some powerhouses last year.”

One of those new headlining talents is winger Quinn Lavoie, a product of West St. Paul who has brought a tantalizing blend of speed, technical skill and high IQ on the pitch.

Read
6:09 PM CDT

Man who exploited teen sentenced to 11 years in prison

Erik Pindera 4 minute read Preview

Man who exploited teen sentenced to 11 years in prison

Erik Pindera 4 minute read 2:00 AM CDT

A man who picked up a vulnerable 17-year-old child-welfare ward on the streets of Winnipeg and coerced her into providing sexual services for several months has been sent to prison for more than a decade.

After a trial, Hassan Kargbo, who’s in his early 30s, was found guilty of sexual exploitation, making child sexual abuse and exploitation material, receiving a material benefit from sexual services provided by a person under 18, procuring a person under 18 and advertising sexual services.

Provincial court Judge Julie Frederickson sentenced him to 11 years behind bars late last month.

“Mr. Kargbo picked up a young Indigenous girl walking over the Osborne Street bridge and quickly got her involved in drug use and escorting,” Frederickson said in a written decision.

Read
2:00 AM CDT

Puzzles Palace

1 minute read Monday, Jul. 27, 2026

To solve our puzzles, please subscribe with this special offer: |