Former Republican presidential candidate Vivek Ramaswamy may be out of the political spotlight, but investors have taken notice of his investment in a media company known for tracking viral internet culture topics.
Ramaswamy bought a 7.7% activist stake in BuzzFeed, a company first known for its quizzes, listicles, and pop culture news before a section of the website evolved into BuzzFeed News, which shut down in 2023.
Shortly after Ramaswamy’s purchase was disclosed in Securities and Exchange Commission filings, shares in the company’s stock skyrocketed more than 50% before settling closer to 25% midday. The filings stated that Ramaswamy believed “the securities of the Issuer are undervalued and represent an attractive investment opportunity.”
The entrance to BuzzFeed in New York is seen on Nov. 19, 2020. (AP Photo/Ted Shaffrey)
Another key part of the filing is that Ramaswamy will “seek
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