BuzzFeed jumps as Vivek Ramaswamy reports stake boost

Roivant Sciences

24/06/2024 19:24

** Shares of digital media firm BuzzFeed  BZFD.O  jump 16.2%
to $2.48 on Mon as former presidential candidate Vivek Ramaswamy
continues activist campaign 
    ** Republican Ramaswamy, who dropped out of the race in Jan,
reports owning ~3.13 mln BZFD shares for 8.9% stake, according
to a securities filing
    ** He intends to continue "discussions with management and
the Board regarding the matters set forth in the May 26th
letter, including discussions with certain of, and regarding,
three potential new board members..." per the filing
    ** On May 22, BZFD shares surged as high as $4.56 before
closing up 20% at $3.01 after Ramaswamy first revealed 7.7%
stake in BZFD, saying he would engage co's board about strategic
opportunities to maximize shareholder value, including shift in
firm's strategy
    ** Multi-millionnaire Ramaswamy founded biotech co Roivant
Sciences  ROIV.O 
    ** On May 20, major part of BZFD CEO Jonah Peretti's
compensation moved to stock options amid efforts to increase AI
adoption to accelerate a turnaround at the co
    ** With move on the session, BZFD's shares up nearly 150%
YTD after plunges of ~64% and ~87% in 2023 and 2022,
respectively

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))