Vivek Ramaswamy takes 7.7% stake in Buzzfeed, sending shares soaring

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 Buzzfeed Inc., based in New York City, skyrocketed about 20% to $2.99 on Wednesday.

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

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.