Former US Republican presidential candidate Vivek Ramaswamy has urged BuzzFeed to undertake significant changes after acquiring an 8.4% stake in the media company. In a letter to BuzzFeed’s board on Tuesday, Ramaswamy criticized past business decisions and called for job cuts and a renewed focus on video content. He suggested hiring controversial figures like former Fox News host Tucker Carlson and talk show host Bill Maher.
Ramaswamy argued that these steps would restore public trust and help BuzzFeed adapt to the changing media landscape, particularly as social media platforms reduce referral traffic. BuzzFeed CEO Jonah Peretti responded, indicating skepticism about Ramaswamy’s proposals, which he described as misunderstandings of the company’s business model and audience values. BuzzFeed's stock has plummeted from $40 a share in 2021 to below $3.
Ramaswamy’s demands follow BuzzFeed’s struggles, including the shutdown of its news division in 2023. Despite Ramaswamy's investment driving a brief rise in shares, BuzzFeed’s market capitalization remains just over $100 million.