Vivek Ramaswamy seeks BuzzFeed Board seats, claims that company has lost path

Former GOP presidential candidate Vivek Ramaswamy has submitted a detailed seven-page letter to BuzzFeed’s Board of Directors, as reported by FOX Business, advocating for a significant overhaul of the media company’s direction. Ramaswamy urges the addition of three new Board members, carefully vetted by himself, alongside a fundamental restructuring of BuzzFeed’s business model to counteract its financial woes.

Since its IPO in December 2021, BuzzFeed’s market value has nosedived from approximately $1.5 billion to just under $100 million. Despite a recent surge in its shares, which coincided with Ramaswamy’s substantial acquisitions, the company remains far from its previous peak. Ramaswamy, now the second-largest Class A shareholder with an 8.37% stake, stresses the urgent need for strategic transformation to restore BuzzFeed’s value.

Highlighting BuzzFeed’s past as a trailblazer in the social internet realm, Ramaswamy emphasises the necessity of redefining its purpose in today’s digital landscape. He warns of impending bankruptcy unless BuzzFeed swiftly embraces emerging technologies and revamps its operational approach. Proposing a phased realignment strategy, Ramaswamy suggests refocusing on entrepreneurship, investing in creator-driven content, and reaffirming BuzzFeed’s brand identity. He urges the Board to consider his recommendations seriously, asserting that new Directors aligned with his vision can bring valuable perspectives to the table.