Todd Spangler NY Digital Editor Vivek Ramaswamy, after dropping out of the Republican presidential primary race, has turned his attention to shaking up struggling media company BuzzFeed — and he’s pushing a right-turn pivot for the company.
In a filing last week, Ramaswamy disclosed that he amassed 7.7% of BuzzFeed’s stock. In a letter dated May 27 to BuzzFeed’s board of directors, he said he now holds a 8.37% stake in the company “and I continue to increase my position.” “BuzzFeed has lost its way,” he wrote in the letter. “I own your stock because I believe BuzzFeed can still become a more valuable company than at its initial listing, but this requires a major shift in strategy.” Among other things, Ramaswamy recommended that BuzzFeed hire talent from “across the political and cultural spectrum” including right-wing commentators such as Candace Owens, Tucker Carlson and Aaron Rodgers.
In the 2,344-word letter, Ramaswamy also said BuzzFeed should “retain only the resources required to create and monetize BuzzFeed’s highest-value content,” which “will almost certainly require large-scale headcount reductions.” Ramaswamy — who has called the Jan.
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