Investor Vivek Ramaswamy has increased his stake in BuzzFeed (BZFD), now owning 8.9% of the media company’s stock, up from 8.37%. Ramaswamy purchased additional shares between June 6 and June 20 at prices ranging from $2.00 to $2.61, showing confidence in the company despite recent clashes with BuzzFeed’s CEO, Jonah Peretti.
BuzzFeed’s stock has seen significant growth this year, rising over 125%. However, the company is still facing financial challenges, including a $119 million debt obligation. Ramaswamy’s continued investment in BuzzFeed comes amid the company’s efforts to sell its popular video show, “Hot Ones,” which could help alleviate some of its debt.
As Ramaswamy’s activist campaign against BuzzFeed continues, his increased stake in the company and recent meeting with Peretti suggest that he may be seeking to influence the company’s direction and strategy.
