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.”
Another key part of the filing is that Ramaswamy will “seek to engage in a dialogue” with the company’s board of directors about “numerous operational and strategic opportunities to maximize shareholder value, including a shift in the Company’s strategy.”
He told CNBC via a spokesperson to “stay tuned.” BuzzFeed’s brand portfolio includes HuffPost, Tasty, and the First We Feast brand that houses its “Hot Ones” YouTube series.
The investment could foreshadow a change in heart following Ramaswamy’s stated distrust of the media.
Ramaswamy proved very popular with Trump’s supporters in the Republican presidential primary as he was one of the few candidates competing against Trump who still favored him.
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Ramaswamy’s support for Trump despite challenging him for the nomination appears to have kept him in contention to be a vice presidential nominee for the former president. Like Trump before he won the presidency in 2016, Ramaswamy has never held public office and is primarily known for his business dealings.
The stock’s jump is not the first time the markets have been influenced by a Republican.
Trump’s Truth Social has stayed afloat despite wavering revenue, likely due to his financial stake in it — some supporters said they purchased stock as a measure of faith in the former president.