Vivek Ramaswamy acquires stake in Buzzfeed, becoming company's fourth largest shareholder

This gives Ramaswamy a 7.7% in Buzzfeed, which has been struggling in recent years.

Published: May 22, 2024 1:03pm

Former GOP presidential candidate Vivek Ramaswamy purchased almost three million shares of Buzzfeed, making him the company's fourth largest shareholder.

The purchase gave Ramaswamy a 7.7% in Buzzfeed, which has struggled in recent years, according to Forbes.

A filing with the U.S. Securities and Exchange Commission (SEC) shows the former presidential candidate purchased 2,723,927 shares of the company starting in March and ending Tuesday. During that time frame, share prices were between $1.47 and $2.51 and the purchase totaled roughly $3.9 million.

Ramaswamy stated that he hopes to discuss “numerous operational and strategic opportunities to maximize shareholder value, including a shift in the company's strategy."

Ramaswamy dropped out of the 2024 presidential race and endorsed former President Donald Trump. He has been suggested as a potential vice presidential candidate.