In a move aimed at reshaping struggling media company BuzzFeed, Vivek Ramaswamy, who recently dropped out of the Republican presidential primary race, has disclosed that he holds a significant ownership stake in the company. Ramaswamy stated in a letter to BuzzFeed's board of directors that he has acquired a 7.7% stock ownership, which has now increased to 8.37%.

Expressing his belief that BuzzFeed has lost its way, Ramaswamy emphasized the need for a major shift in strategy. He recommended that the company hire talent representing a broad political and cultural spectrum, including right-wing commentators such as Candace Owens, Tucker Carlson, and Aaron Rodgers. Ramaswamy also suggested a reduction in headcount and focusing on creating and monetizing high-value content.

Ramaswamy, known for promoting controversial conspiracy theories, urged BuzzFeed to acknowledge its past journalistic failures and rebuild its brand around the pursuit of truth. He specifically criticized BuzzFeed News for reports such as the Steele Dossier, which he described as an unverified document that led to the divisive Mueller investigation.

The letter further revealed that Ramaswamy has identified three high-profile directors with strong track records in new media who are interested in joining BuzzFeed's board to facilitate this strategic pivot. While their identities were not disclosed, Ramaswamy pushed for their addition by July 15.

BuzzFeed's chairman and CEO, Jonah Peretti, responded to Ramaswamy's letter, stating that it demonstrates a misunderstanding of the company's business drivers, audience values, and mission. Peretti expressed skepticism towards turning BuzzFeed into a platform for politically inflammatory pundits and affirmed the company's pride in their Pulitzer Prize-winning journalism. Nonetheless, he acknowledged the importance of outside perspectives and expressed openness to further discussion with Ramaswamy.

Ramaswamy, citing BuzzFeed's financial challenges, emphasized the urgency for action. He pointed out the risk of bankruptcy by December 2024 due to outstanding debt exceeding $100 million, a Q1 2024 loss of $26 million, and declining revenue.

One of Ramaswamy's key criticisms of BuzzFeed was its lack of a clear brand identity. He called for the hiring of top content creators with lower base salaries but with the potential for significant upside based on their performance. Ramaswamy highlighted BuzzFeed's success with the show "Hot Ones" on the "First We Feast" platform, citing it as a template for expanding rapidly and achieving cultural relevance.

The news of Ramaswamy's ownership stake in BuzzFeed caused the company's stock price to surge, prompting NBCUniversal to sell $10.1 million worth of shares, reducing its holding from 15% to 5.68% of outstanding shares. NBCU had previously sold $28.3 million in BuzzFeed stock in early 2023.

Vivek Ramaswamy, a former finance and pharmaceutical industry figure, withdrew from the 2024 GOP presidential race earlier this year and endorsed Donald Trump, pledging support even in the event of Trump's conviction on criminal charges.