Vivek Ramaswamy’s stake in BuzzFeed sends shares up 20%, as he seeks strategic ‘shift’

Former GOP presidential hopeful Vivek Ramaswamy has an 8% stake in BuzzFeed and is seeking to effect a “shift” in the media firm’s strategy, the investor said Tuesday in a regulatory filing.

“Stay tuned,” Ramaswamy told CNBC via a spokesperson. He indicated in the filing that he would seek to discuss with BuzzFeed’s management every aspect of the company’s operations, up to and including an acquisition by a third party.

BuzzFeed shares opened up 55% on the news. Shares pared back gains and were up about 20% as of 10:25 a.m. ET. The stock closed Tuesday at $2.50.

BuzzFeed did not respond to a request for comment. The media outlet went public via a special purpose acquisition company in an ill-received 2021 debut. Shares have fallen 94% since then. CEO Jonah Peretti told CNBC in a prior interview that his job was to “set us up with a better future.”