Vivek Ramaswamy takes Buzzfeed stake to bring strategy ‘shift’ [Video]

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 filing.

“Stay tuned,” Ramaswamy told CNBC via a spokesperson. The wealthy conservative indicated in a regulatory filing that he would seek to dialogue with Buzzfeed’s management about 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 return a request for comment. The media outlet went public via de-SPAC in an ill-received 2021 debut. Shares have fallen 94% since then, with CEO Jonah Peretti telling CNBC in a prior interview that his job was to “set us up with a better future.”

Ramaswamy’s involvement raises questions about …