BuzzFeed Surges More Than 50% In Pre-Market; Vivek Ramaswamy Takes Stake

(RTTNews) - Shares of media company BuzzFeed, Inc. (BZFD) were rising more than 50 percent in pre-market on Wednesday to $3.90 on the news of American entrepreneur and politician Vivek Ramaswamy taking stake in the company.

In a filing with the SEC, BuzzFeed revealed that Vivek Ramaswamy acquired 7.7 percent stake in the company.

"The Reporting Person believes the securities of the Issuer are undervalued and represent an attractive investment opportunity. The Reporting Person will seek to engage in a dialogue with the Issuer's Board of Directors and/or management about numerous operational and strategic opportunities to maximize shareholder value, including a shift in the Company's strategy," the filing said.

BuzzFeed shares had closed at $2.50, down 1.57 percent on Tuesday. The stock has traded in the range of $0.6440 - $3.2000 in the last 52 weeks.