Former US presidential candidate Vivek Ramaswamy has reportedly urged Buzzfeed Inc (NASDAQ:BZFD) to overhaul its operations after increasing his stake in the company to 8.3%. He recommends cutting staff, focusing on video, and hiring new voices like former Fox News host Tucker Carlson.
In a letter to BuzzFeed's board, covered extensively by US media, Ramaswamy criticized the site for publishing an unverified dossier on Donald Trump in 2017, contributing to media distrust.
He suggests BuzzFeed admit past journalistic errors and hire diverse editorial talent. Ramaswamy sees a threat from AI tools and advocates hiring high-profile figures like Carlson and Bill Maher. He also wants three new directors added by July 15.
BuzzFeed CEO Jonah Peretti responded, noting Ramaswamy’s comments about the company but agreed to meet.
BuzzFeed’s stock has fallen from $40 in 2021 to below $3. Despite a brief rise after Ramaswamy's stake was disclosed, its market cap remains just over $100 million.