Former Republican presidential candidate and businessman Vivek Ramaswamy purchased an activist stake in BuzzFeed, according to a May Securities and Exchange Commission filing.
Ramaswamy purchased a 7.7% stake consisting of 2.7 million shares between March 14 and May 21 at costs ranging from $1.47 to $2.51 per share, according to the filing. The businessman asserted in the filing that he feels the company’s shares are “undervalued and represent an attractive investment opportunity.”
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Soros Fund Management (SFM) and other investors will buy Vice Media for about $225 million after the media company filed for bankruptcy protection Monday.
The digital media company was once valued at $5.7 billion, but is now relying on funds from bidders to continue operations until its sale is finalized in the next two to three months, according to a Monday press release. SFM was founded and is chaired by left-wing billionaire and philanthropist George Soros and is the principal asset manager for the Open Society Foundations, of which Soros is the founding chair.
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BuzzFeed on Thursday announced it has shuttered its news division.
In an email obtained by news outlets, BuzzFeed CEO Jonah Peretti said the move was part of a 15% workforce reduction across a number of teams.
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BuzzFeed announced Thursday that it would begin using artificial intelligence to help generate its content. The company will partner with OpenAI to start producing “AI inspired content,” according to CNN Business, and plans to make such output an integral part of its regular business.
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Buzzfeed’s holiday party appears to have become a super-spreader event, despite a company-wide vaccine mandate that required partygoers to present their vaccination cards in order to get into the event.
Three BuzzFeed staffers were reportedly infected with COVID-19 following the company’s Christmas party in Manhattan last week, and about six others are awaiting test results after becoming ill.
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