Former Republican presidential candidate Vivek Ramaswamy has bought up a large stake in the leftist media company BuzzFeed, according to financial filings.
Ramaswamy, a successful businessman who is among those believed to be on President Donald Trump’s shortlist for his 2024 running mate, purchased the activist stake between March 14 and May 21.
He acquired a 7.7% stake in the company consisting of 2.7 million shares at costs ranging from $1.47 to $2.51 per share, according to a May Securities and Exchange Commission (SEC) filing.
In the filing, the anti-woke entrepreneur asserts that he feels the company’s shares are “undervalued and represent an attractive investment opportunity.”
He also vows to push for a “shift in the Company’s strategy.”
According to the filing, Ramaswamy says he “will seek to engage in a dialogue with the Issuer’s Board of Directors (the “Board”) and/or management about numerous operational and strategic opportunities to maximize shareholder value, including a shift in the Company’s strategy.”
According to the Associated Press, BuzzFeed has been laying off employees since late 2022.
As traffic on its website has sunk in recent years, the once-popular far-left media outlet has struggled with losses from digital advertising, causing revenue to plummet.