BuzzFeed has attracted the attention of an investor with ties to Republican politics, which may ring a bell for those who closely follow political developments.

Vivek Ramaswamy Buys 7.7% of BuzzFeed Shares

Vivek Ramaswamy, an entrepreneur who previously ran for the 2024 Republican presidential nomination, has recently acquired a significant stake in a digital media company. According to an SEC filing, it appears that he plans to take an activist approach in his new venture.

Ramaswamy withdrew from the GOP presidential race following the Iowa Caucus and threw his support behind former President Donald Trump.

Based on an SEC filing, Ramaswamy possesses shares and call options valued at nearly $4 million, representing approximately 7.7% of BuzzFeed shares.

The digital media company, led by CEO Jonah Peretti, has experienced significant changes since its initial public offering two and a half years ago.

As a result, BuzzFeed News has been discontinued (although a newsroom remains through The Huffington Post), and the company has transitioned to a model that prioritizes creators and AI-driven games, quizzes, and other content.

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BuzzFeed to Shift Company Strategy

According to Forbes, Buzzfeed has faced challenges since it became a publicly traded company in 2021.

In its most recent earnings report, the media company revealed a decline in first quarter revenue, with advertising revenue, content revenue, and commerce and other revenues all experiencing significant drops compared to the previous year.

In April of last year, Buzzfeed made the decision to shut down its Pulitzer Prize-winning Buzzfeed News. The company cited the challenges of sustaining a news model tailored for social media as the reason behind this move.

Meanwhile, Ramaswamy has gained significant attention as a strong candidate for former President Donald Trump's vice presidential selection, following the conclusion of his own presidential campaign in January.

Ramaswamy is an entrepreneur with significant investments in the biotech and drug development industry. Additionally, he have established an index fund provider focused on countering the "woke" movement. His fortune was largely built through his involvement in a drug-development company called Roivant Sciences, which became publicly traded in 2021. 

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