Activist investor Vivek Ramaswamy has demanded Buzzfeed feature more right-wing voices and cut jobs after he bought a near eight per cent stake in the digital media company last week.
In a seven page letter to Buzzfeed’s board, the former Republican presidential candidate said he wants more conservative voices, “large-scale” job cuts and three board seats of his own, according to a Bloomberg report.
“You have a historic opportunity to redefine Buzzfeed and set yourself apart from every other major media organization,” said Ramaswamy, who wants to hear the voices of notorious American political commentators such as Candace Owens and Tucker Carlson.
It comes just a week after Ramaswamy disclosed a 7.7 per cent stake in Buzzfeed in order to “shift its strategy,” sending shares up around 14 per cent. He is now the second-largest Class A shareholder.
The Nasdaq-listed stock climbed another 10 per cent today as he suggested a new strategy to help turn around the lossmaking business.
“The social-internet model is dying or dead,” said Ramaswamy, “and Buzzfeed is caught without a viable strategy.”
He suggested a three-phase strategy: downsizing to a startup size, investing in creator-led audio and video content, and making Buzzfeed a bold, distinctive brand.
He also said he will propose three unnamed directors to the board in the next few weeks.
Ramaswamy dropped out from the presidential race in January and endorsed Donald Trump, who snubbed the ex-hedge fund manager as his running mate but suggested he could be in line for a top job if Trump wins.
Buzzfeed, made popular by its quizzes and listicles, has struggled since going public in 2021. Last year, it shuttered its news division, which failed to turn a profit, while 15 per cent of its workforce were laid off.
Earlier this year, it sold its media company Complex for $108.6m and slashed a further 16 per cent of its staff to cut costs.
Editorial and commercial staff at Buzzfeed UK, including Huffpost UK, are set to move over to The Independent as part of a multi-year licensing deal, the company confirmed in March.