Credit: Twitter/Vivek Ramaswamy)
The Gateway Pundit reported in 2023 that BuzzFeed News, best known for publishing the fake, Hillary Clinton-funded Russia dossier in January 2017, shortly before Trump’s Inauguration, shut down.
The fake news outlet was sued for publishing the Russia dossier.
In 2022, it was reported that BuzzFeed was losing $10 million a year.
BuzzFeed News is part of the larger BuzzFeed organization, and the shuttering came as the struggling outlet sought to slash 15% of its workforce or 180 employees.
BuzzFeed chief executive Jonah Peretti said at the time, “While layoffs are occurring across nearly every division, we’ve determined that the company can no longer continue to fund BuzzFeed News as a standalone organization.”
According to a May Securities and Exchange Commission filing, former Republican presidential candidate and businessman Vivek Ramaswamy purchased an activist stake in BuzzFeed.
The Daily Caller reports:
Ramaswamy purchased a 7.7% stake consisting of 2.7 million shares between March 14 and May 21 at costs ranging from $1.47 to $2.51 per share, according to the filing. The businessman asserted in the filing that he feels the company’s shares are “undervalued and represent an attractive investment opportunity.”
Ramaswamy “will seek to engage in a dialogue with the Issuer’s Board of Directors (the “Board”) and/or management about numerous operational and strategic opportunities to maximize shareholder value, including a shift in the Company’s strategy,” according to the filing.
“Stay tuned,” Ramaswamy told the Daily Caller News Foundation.
Since March, he has purchased nearly 3M shares of the failing social platform, making him the fourth-largest shareholder.
News of Ramaswamy’s investment sent Buzzfeed’s share price higher by 25% as of Wednesday.
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