New York, NY – Former US Republican presidential candidate, Vivek Ramaswamy, has recently increased his stake in media company BuzzFeed to 8.3%, sparking controversy with his call for major changes within the organization. Ramaswamy has urged BuzzFeed to make significant shifts in its operations, including reducing staff, focusing more on video content, and bringing in new voices like former Fox News host Tucker Carlson.
In a letter addressed to the board of directors, Ramaswamy criticized BuzzFeed for decisions that he believes have contributed to public distrust in the media. Specifically, he pointed to the publication of a dossier by former British spy Christopher Steele in 2017, which alleged ties between Donald Trump and Russia. Despite some of the information being disproven, BuzzFeed failed to verify the claims before publishing, leading to further scrutiny.
Ramaswamy emphasized the importance of transparency and accountability in journalism, urging BuzzFeed to acknowledge past failures and rebrand itself as a platform dedicated to truth-seeking. Additionally, he highlighted the growing competition from artificial intelligence tools, such as Google’s AI-generated answers, as a threat to traditional media outlets like BuzzFeed.
The biotech entrepreneur called for the recruitment of controversial and high-profile figures in the media industry, such as Tucker Carlson and talk show host Bill Maher, to bolster BuzzFeed’s content offerings. He also proposed adding three new directors to the board by a specified deadline, with a focus on diversity of viewpoints rather than traditional diversity markers such as race and gender.
In response to Ramaswamy’s suggestions, BuzzFeed CEO Jonah Peretti expressed skepticism about turning the company into a platform for political pundits, emphasizing the values of their audience and the mission of the company. Despite Ramaswamy’s push for change, BuzzFeed’s stock has seen a significant decline, dropping from $40 per share in 2021 to below $3. The company made the decision to shut down its news division in 2023, following a trend of social media giants stepping back from the news business.
News of Ramaswamy’s multimillion-dollar stake in BuzzFeed briefly boosted the company’s shares, but the overall market capitalization remains modest. As the media landscape continues to evolve, the future of BuzzFeed and other digital media platforms remains uncertain, with challenges from both technological advancements and changing consumer behaviors.