Vivek Ramaswamy, a former GOP presidential candidate and current significant shareholder of BuzzFeed, is pushing for transformative changes within the media company. Recently, Ramaswamy engaged in a virtual meeting with BuzzFeed CEO Jonah Peretti, lasting over an hour, with plans for a follow-up in-person meeting later this year, according to Axios.
Ramaswamy’s involvement with BuzzFeed has grown since he purchased a substantial 8.9% stake in the company, making him the second-largest Class A shareholder. In late May, he addressed a detailed seven-page letter to the board of directors, advocating for major strategic changes. His recommendations include adding three new directors to the board, whom he has vetted personally, and restructuring the company to ensure its financial viability. This call to action comes as BuzzFeed’s market value has dramatically dropped from approximately $1.5 billion at its IPO in December 2021 to just under $100 million, despite a recent 163% rally in share prices.
The letter highlights Ramaswamy’s belief that BuzzFeed has deviated from its core mission, suggesting a rebranding effort and an overhaul to promote intellectual diversity within the company’s ranks and leadership. During his virtual discussion with Peretti, Ramaswamy was joined by two of his proposed board nominees, Chris Balfe from Red Seat Ventures and podcaster Patrick Bet-David. The third nominee, Clay Travis, founder of OutKick, was briefed on the meeting but did not attend.
BuzzFeed responded to Ramaswamy’s proposals through a spokesperson, acknowledging his suggestions and stating they would undergo the formal governance review process. Ramaswamy’s spokesperson confirmed the meeting’s constructive nature and shared that the report from Axios was accurate.
Clay Travis later expressed his admiration for Ramaswamy’s initiatives on social media, emphasizing the importance of fostering a diverse range of ideas in the media landscape. He also praised his fellow board nominees, Balfe and Bet-David, for their media expertise and integrity.
Support for Ramaswamy’s efforts has also come from former BuzzFeed employees and early investors, who have reached out to him with encouragement. They share the sentiment that significant changes are necessary for BuzzFeed’s future success. Ramaswamy’s primary goal is to create value for the company, believing that the proposed changes are aligned with this objective.
