Shares of BuzzFeed, Inc. (BZFD) surged more than 50% in pre-market trading on Wednesday, climbing to $3.90 following the announcement that American entrepreneur and politician Vivek Ramaswamy has acquired a stake in the company.
According to a filing with the SEC, BuzzFeed disclosed that Ramaswamy has purchased a 7.7% interest in the media firm.
"The Reporting Person believes the securities of the Issuer are undervalued and present a compelling investment opportunity. The Reporting Person intends to engage with the Issuer's Board of Directors and management to discuss various operational and strategic initiatives aimed at maximizing shareholder value, including a potential shift in the Company's strategy," the filing stated.
BuzzFeed shares had closed at $2.50 on Tuesday, marking a 1.57% decline. Over the past 52 weeks, the stock has fluctuated between $0.6440 and $3.2000.
