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 more than 50?ter that.
Ramaswamy said in his filing that he believes Buzzfeed's stock is undervalued. He is looking to speak with the company's board and management.
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.
