Former Republican presidential candidate Vivek Ramaswamy is pushing for major change at troubled news outlet BuzzFeed and has been quietly acquiring shares in the company, catapulting him to the second-largest Class A shareholder with an 8.37% stake.

In a letter to BuzzFeed's board of directors, reviewed by FOX Business, the entrepreneur and investor lays out his vision to rescue the media brand.

<thead><tr><th class="ticker">Ticker</th> <th class="security">Security</th> <th class="last">Last</th> <th class="change">Change</th> <th class="percent">Change %</th></tr></thead> <tbody><tr><td class="ticker"><a href="/quote?stockTicker=BZFD">BZFD</a></td> <td class="security">BUZZFEED</td> <td class="last">2.80</td> <td class="change pos">+0.16</td> <td class="percent pos">+6.06%</td></tr> <tr><td colspan="5" class="sponsored-by-td"></td></tr></tbody>

<p style="-x-system-font:none;display:block;font-family:Helvetica,Arial,Sans-serif;font-size-adjust:none;font-size:14px;font-stretch:normal;font-style:normal;font-variant:normal;font-weight:normal;line-height:normal;margin:12px auto 6px auto;"><a style="text-decoration:underline;" href="https://www.scribd.com/document/736790162/Vivek-Ramaswamy-Letter-to-BuzzFeed-Board-May-27-2024#from_embed" title="View Vivek Ramaswamy Letter to BuzzFeed Board_May 27 2024 on Scribd">Vivek Ramaswamy Letter to BuzzFeed Board_May 27 2024</a>&nbsp;by&nbsp;<a style="text-decoration:underline;" href="https://www.scribd.com/user/452990516/FOX-Business#from_embed" title="View FOX Business's profile on Scribd">FOX Business</a>&nbsp;on Scribd</p><iframe class="scribd_iframe_embed" frameborder="0" height="auto" width="100%" scrolling="no" data-aspect-ratio="0.7729220222793488" data-auto-height="false" src="https://www.scribd.com/embeds/736790162/content?start_page=1&amp;view_mode=scroll&amp;access_key=key-Xxyq8lo3k22fxRv1NBf8" title="Vivek Ramaswamy Letter to BuzzFeed Board_May 27 2024"> </iframe>

While shares of BuzzFeed have rallied 180% this year, the stock is well off its peak of around the $40 per share level reached in March 2021.&nbsp;

BuzzFeed's board received a detailed letter from investor and shareholder Vivek Ramaswamy about the need for change at the media outlet, which he says has "lost its way."{ai:summary}<p>Vivek Ramaswamy aims to shake up BuzzFeed, becoming its 2nd largest shareholder with an 8.37% stake. Shares soar but still below 2021 peak. #economy</p>

Vivek Ramaswamy targets BuzzFeed: Read his full letter here

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