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

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

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No time for a Stanley Cup hangover as the NHL offseason is already here

2024-06-26 06:37 Last Updated At:06:40

The Stanley Cup was still on the ice when Patric Hornqvist offered up a sobering thought surrounded by former teammates and other family revelers holding cans of beer during the celebration.

The newly crowned champion Florida Panthers had work to do already because the offseason is already here for them and the NHL's other 31 teams.

The buyout window opens Wednesday, the draft is Friday and Saturday and the start of free agency is Monday, squeezing a flurry of activity to prepare for 2024-25 into a tight window.

“It’s crazy,” said Hornqvist, a two-time Cup-winning player who's now in Florida's front office. “A quick turnaround.”

The season stretching into summer and the final between the Panthers and Edmonton Oilers going the distance to Game 7 set up this quick turnaround.

Less than 12 hours after the Cup was awarded, Colorado re-signed forward Casey Mittelstadt for three more years and Winnipeg extended defenseman Dylan DeMelo.

Some teams did not wait to take care of business. Boston and Ottawa made a major goalie trade finalized Monday night sending 2023 Vezina Trophy winner Linus Ullmark to the Senators for Joonas Korpisalo, depth forward Mark Kastelic and a first-round pick.

The Bruins will be making that selection Friday at the Sphere in Las Vegas long after San Jose leads off the draft with the expected choice of Macklin Celebrini with the first pick. After the Sharks' trying year in the NHL basement, they are eager for the draft, trade and free agent frenzy to get underway.

“Kind of a little bit scrambling and busy time, but I think everyone’s been doing their homework and people will be prepared,” general manager Mike Grier said. "This is a rewarding week for the franchise and for our scouts, who have done a ton of work. ... It’s an exciting time. We’re looking forward to it. It’s busy, but it’s a fun time in the end.”

It should be fun for players such as 57-goal scorer Sam Reinhart, who also got the Cup clincher, and others such as Jake Guentzel and 2023 playoff MVP Jonathan Marchessault who are set to cash in as pending free agents. Less so for those on the trade market and potentially on the move, from Anaheim's Trevor Zegras to Toronto's Mitch Marner.

There are also teams with more difficult offseason tasks than others. The Oilers, fresh off losing in the final, don't even have a GM under contract beyond this week and are in danger of serious roster turnover if a handful of free agents depart.

The New York Rangers could also be active and attempting to retool after getting knocked out by the Panthers in the Eastern Conference final. They already cleared salary cap space by waiving Barclay Goodrow, who was claimed by San Jose.

Formerly the Arizona Coyotes and relocated to Salt Lake City, the Utah Hockey Club has roughly $40 million to spend to the cap under new owner Ryan Smith and his group, but don't expect a signing bonanza from GM Bill Armstrong.

“There’s a little bit of a chess game for us where we have to bring in some players, but we don’t plan on using all that money and spending right out the window and locking ourselves in for the next seven years,” Armstrong said Tuesday. “We want to be smart about how we use our money.”

The buyout window is one of the first dominos to fall, opening Wednesday to give teams the opportunity to shed unwanted contracts. The cap is also going up to $88 million, a bigger jump than expected thanks to revenue outpacing projections during a memorable season that no one has time to reflect on yet because there is so much work to be done in a short period of time.

“It happens fast,” Buffalo GM Kevyn Adams said. “You’ve got to be ready.”

AP Hockey Writer John Wawrow contributed.

AP NHL: https://apnews.com/hub/nhl

FILE - Boston Bruins goaltender Linus Ullmark (35) makes a save during Game 2 of an NHL hockey Stanley Cup first-round playoff series, April 22, 2024, in Boston. The Bruins traded 2023 Vezina Trophy winning goaltender Ullmark to the Ottawa Senators on Monday, June 24, in exchange for the Senators' 2024 first-round draft pick, forward Mark Kastelic and goaltender Joonas Korpisalo. (AP Photo/Charles Krupa, File)

FILE - Boston Bruins goaltender Linus Ullmark (35) makes a save during Game 2 of an NHL hockey Stanley Cup first-round playoff series, April 22, 2024, in Boston. The Bruins traded 2023 Vezina Trophy winning goaltender Ullmark to the Ottawa Senators on Monday, June 24, in exchange for the Senators' 2024 first-round draft pick, forward Mark Kastelic and goaltender Joonas Korpisalo. (AP Photo/Charles Krupa, File)

NHL Commissioner Gary Bettman, left, presents Florida Panthers forward Aleksander Barkov (16) with the NHL hockey Stanley Cup after winning the Final against the Edmonton Oilers in Sunrise, Fla., Monday, June 24, 2024. (Nathan Denette/The Canadian Press via AP)

NHL Commissioner Gary Bettman, left, presents Florida Panthers forward Aleksander Barkov (16) with the NHL hockey Stanley Cup after winning the Final against the Edmonton Oilers in Sunrise, Fla., Monday, June 24, 2024. (Nathan Denette/The Canadian Press via AP)

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