Skip to Content Facebook Feature Image

Former Republican presidential candidate Vivek Ramaswamy takes a 7.7% stake in Buzzfeed

ENT

Former Republican presidential candidate Vivek Ramaswamy takes a 7.7% stake in Buzzfeed
ENT

ENT

Former Republican presidential candidate Vivek Ramaswamy takes a 7.7% stake in Buzzfeed

2024-05-22 20:38 Last Updated At:20:51

Former Republican presidential candidate and biotech entrepreneur Vivek Ramaswamy has purchased a minority stake in Buzzfeed, the digital publishing company that shut down its media outlet last year.

Shares of the company skyrocketed more than 50% before the market open on Wednesday.

Ramaswamy acquired a 7.7% stake in Buzzfeed, according to a filing with the Securities and Exchange Commission late Tuesday.

Ramaswamy said in the filing that he believes Buzzfeed's stock is undervalued. He is looking to speak with the company's board and management.

Buzzfeed has struggled to prop up sales since it went public in 2021. In late 2022 job cuts began rolling out with the company citing a poor digital advertising environment, then early last year announced that it was shutting down its Pulitzer Prize winning digital media outlet BuzzFeed News.

The corporate parent’s co-founder and CEO Jonah Peretti said in a memo to staff at the time that in addition to the news division, layoffs would take place in its business, content, tech and administrative teams.

Earlier this month, Buzzfeed reported a first-quarter loss of $35.7 million, or 72 cents per share, on revenue of $44.8 million. Advertising revenue fell 22%, while content revenue declined 19% and the company is projecting a worsening revenue situation.

Ramaswamy suspended his bid for the 2024 Republican presidential nomination in January and endorsed former President Donald Trump after finishing a distant fourth in Iowa’s leadoff caucuses.

The son of Indian immigrants, Ramaswamy entered politics at the highest level after making hundreds of millions of dollars at the intersection of hedge funds and pharmaceutical research, a career he charted and built while graduating from Harvard University and then Yale Law School.

Shares of Buzzfeed Inc., based in New York City, rose 59% to about $4 early Wednesday.

FILE - Vivek Ramaswamy speaks during the Conservative Political Action Conference, CPAC 2024, at National Harbor, in Oxon Hill, Md., Saturday, Feb. 24, 2024. Ramaswamy had purchased a 7.7% stake in Buzzfeed, the Pulitzer Prize winning digital media outlet that went into restructuring last year. Shares skyrocketed more than 50% before the market open on Wednesday, May 22. (AP Photo/Alex Brandon, File)

FILE - Vivek Ramaswamy speaks during the Conservative Political Action Conference, CPAC 2024, at National Harbor, in Oxon Hill, Md., Saturday, Feb. 24, 2024. Ramaswamy had purchased a 7.7% stake in Buzzfeed, the Pulitzer Prize winning digital media outlet that went into restructuring last year. Shares skyrocketed more than 50% before the market open on Wednesday, May 22. (AP Photo/Alex Brandon, File)

ARLINGTON, Texas (AP) — Anthony Santander homered twice and drove in five runs after Adley Rutschman and Colton Cowser had already hit two-run homers, and the AL East-leading Baltimore Orioles beat the Texas Rangers 9-1 on Friday night in the first game out of the break.

Rutschman and Cowser both went deep in the first inning, putting the Orioles up 4-0 before All-Star starting pitcher Corbin Burnes had even thrown his first pitch.

“To put up four runs in the first with Corbin Burnes on the mound, you feel good about that,” Orioles manager Brandon Hyde said.

Burnes (10-4), back on the same mound where he started the All-Star Game three nights earlier, struck out six and allowed one run over six innings. The right-hander limited Texas to two hits, but walked four while throwing 60 of 101 pitches for strikes.

“It felt like a normal start. You know, once I get going in my routine pregame, to be able to kind of switch and lock in a little bit,” said Burnes, who twice since his last O's start July 10 had also been home to Arizona twice to be with his newborn twin daughters. “Obviously wasn’t as crisp tonight. You know, four walks is never something we’re trying to do.”

Nathan Eovaldi (6-4) gave up six runs on three homers in his five innings. The Texas right-hander was 5-0 with a 1.99 ERA in his first 10 starts at home this season.

“I hung some curveballs, the splitters were up a little bit, fastball command ... I just felt like I didn’t really execute a lot of my pitches tonight very well,” Eovaldi said.

Gunnar Henderson led off the game with the first of his four singles before catcher Rutschman's 17th homer. They both also started for the American League in the All-Star Game.

Santander, also an All-Star, hit his 25th homer in the fifth, two batters after another Henderson single. The batter in between was Rutschman, who hit a popup to shallow left, where third baseman Josh Smith made an incredible lunging over-the-shoulder catch.

Santander added a three-run homer in the seventh inning.

Nathaniel Lowe hit a 434-foot homer to straightaway center in the second for reigning World Series champion Texas (46-51), which had won seven of nine before the break.

Burnes completed six innings in his 15th consecutive start, a career high for the four-time All-Star and the longest streak for an Orioles pitcher since Sidney Ponson's 16 in a row 20 years ago.

“He's good, he's real good,” said Bruce Bochy of the Rangers, who also managed the AL squad on Tuesday night. “He's tough. He's got a good mix and velo.”

TRAINER’S ROOM

Orioles: Rookie OF Heston Kjerstad was going through a workout Friday, and had tests to pass before can be activated from the seven-day concussion list. He was hit around the ear flap by a 97 mph pitch on July 12. Manager Brandon Hyde said the hope is that Kjerstad can return this weekend.

Rangers: Two-time Cy Young Award winner Jacob deGrom (right elbow surgery rehab) threw 35 pitches off the mound, mixing in a handful of sliders for the first time. “All went well, felt great, located the ball very well, so good outing for him,” manager Bruce Bochy said. ... Smith stayed in the game after getting hit on the hand by a pitch in the eighth inning. ... 3B Josh Jung (right wrist) took some aggressive swings in the batting cage. Bochy said Jung feels really good, but the manager didn’t know the next step.

UP NEXT

Orioles RHP Grayson Rodriguez, the AL leader with 11 wins, starts the middle game of the series Saturday. Three-time Cy Young Award winner Max Scherzer (1-2, 2.96 ERA) makes his sixth start since coming back from offseason back surgery and then dealing with a nerve issue around his right thumb.

AP MLB: https://apnews.com/hub/mlb

Baltimore Orioles starting pitcher Corbin Burnes throws during the first inning of a baseball game against the Texas Rangers in Arlington, Texas, Friday, July 19, 2024. (AP Photo/LM Otero)

Baltimore Orioles starting pitcher Corbin Burnes throws during the first inning of a baseball game against the Texas Rangers in Arlington, Texas, Friday, July 19, 2024. (AP Photo/LM Otero)

Baltimore Orioles' Anthony Santander (25) runs the bases past Texas Rangers shortstop Corey Seager, right, after hitting a three-run home run, also scoring teammates Gunnar Henderson and Adley Rutschman, during the seventh inning of a baseball game in Arlington, Texas, Friday, July 19, 2024. (AP Photo/LM Otero)

Baltimore Orioles' Anthony Santander (25) runs the bases past Texas Rangers shortstop Corey Seager, right, after hitting a three-run home run, also scoring teammates Gunnar Henderson and Adley Rutschman, during the seventh inning of a baseball game in Arlington, Texas, Friday, July 19, 2024. (AP Photo/LM Otero)

Baltimore Orioles' Colton Cowser (17) runs the bases past Texas Rangers shortstop Corey Seager (5) after hitting home run that also scored teammate Ryan O'Hearn during the first inning of a baseball game in Arlington, Texas, Friday, July 19, 2024. (AP Photo/LM Otero)

Baltimore Orioles' Colton Cowser (17) runs the bases past Texas Rangers shortstop Corey Seager (5) after hitting home run that also scored teammate Ryan O'Hearn during the first inning of a baseball game in Arlington, Texas, Friday, July 19, 2024. (AP Photo/LM Otero)

Baltimore Orioles' Colton Cowser hits a home run that also scored teammate Ryan O'Hearn during the first inning of a baseball game against the Texas Rangers in Arlington, Texas, Friday, July 19, 2024. (AP Photo/LM Otero)

Baltimore Orioles' Colton Cowser hits a home run that also scored teammate Ryan O'Hearn during the first inning of a baseball game against the Texas Rangers in Arlington, Texas, Friday, July 19, 2024. (AP Photo/LM Otero)

Baltimore Orioles' Colton Cowser (17) celebrates his home run that also scored teammate Ryan O'Hearn (32) during the first inning of a baseball game against the Texas Rangers in Arlington, Texas, Friday, July 19, 2024. (AP Photo/LM Otero)

Baltimore Orioles' Colton Cowser (17) celebrates his home run that also scored teammate Ryan O'Hearn (32) during the first inning of a baseball game against the Texas Rangers in Arlington, Texas, Friday, July 19, 2024. (AP Photo/LM Otero)

Baltimore Orioles' Adley Rutschman (35) hits a home run in front of Texas Rangers catcher Jonah Heim during the first inning of a baseball game in Arlington, Texas, Friday, July 19, 2024. Orioles Gunnar Henderson also scored on the play. (AP Photo/LM Otero)

Baltimore Orioles' Adley Rutschman (35) hits a home run in front of Texas Rangers catcher Jonah Heim during the first inning of a baseball game in Arlington, Texas, Friday, July 19, 2024. Orioles Gunnar Henderson also scored on the play. (AP Photo/LM Otero)

Texas Rangers starting pitcher Nathan Eovaldi (17) looks on while Baltimore Orioles' Anthony Santander (25) runs the bases after hitting a home run during the fifth inning of a baseball game in Arlington, Texas, Friday, July 19, 2024. Orioles' Gunnar Henderson also scored on the play. (AP Photo/LM Otero)

Texas Rangers starting pitcher Nathan Eovaldi (17) looks on while Baltimore Orioles' Anthony Santander (25) runs the bases after hitting a home run during the fifth inning of a baseball game in Arlington, Texas, Friday, July 19, 2024. Orioles' Gunnar Henderson also scored on the play. (AP Photo/LM Otero)

Baltimore Orioles starting pitcher Corbin Burnes (39) laughs with Texas Rangers baserunner Marcus Semien, left, after out three to end the third inning of a baseball game in Arlington, Texas, Friday, July 19, 2024. (AP Photo/LM Otero)

Baltimore Orioles starting pitcher Corbin Burnes (39) laughs with Texas Rangers baserunner Marcus Semien, left, after out three to end the third inning of a baseball game in Arlington, Texas, Friday, July 19, 2024. (AP Photo/LM Otero)

Baltimore Orioles' Anthony Santander hits a three-run home run during the fifth inning of a baseball game against the Texas Rangers in Arlington, Texas, Friday, July 19, 2024. Orioles' Gunnar Henderson and Adley Rutschman also scored on the play. (AP Photo/LM Otero)

Baltimore Orioles' Anthony Santander hits a three-run home run during the fifth inning of a baseball game against the Texas Rangers in Arlington, Texas, Friday, July 19, 2024. Orioles' Gunnar Henderson and Adley Rutschman also scored on the play. (AP Photo/LM Otero)

Recommended Articles