New BuzzFeed Investor Vivek Ramaswamy Asks For Big Changes & Apology
28.05.2024 - 16:11
/ deadline.com
Vivek Ramaswamy, who disclosed a big stake in BuzzFeed last week, sent a letter to the online publisher’s board of directors asking for major changes from staffing and focus to the board makeup as well as an apology for previous reporting. CEO Jonah Peretti declined the mea culpa but agreed to meet with the former Republican presidential primary candidate and Donald Trump surrogate, whom he said has some “fundamental misunderstandings” of the company’s business.
“Hey Vivek – Thanks for reaching out, nice to finally hear from you. I’m glad you think BuzzFeed is undervalued – I totally agree!,” he wrote.
BuzzFeed went public in 2021 after merging with a SPAC. Ramaswamy disclosed last week he’s acquired well over 8% of the company, making him one of the company’s largest individual shareholders.
“BuzzFeed needs a complete ground-up restructuring to right-size itself for the coming AI-driven changes to your business,” he wrote today in a post on X (formerly Twitter). “After getting back to startup size, invest further in places where BuzzFeed has a competitive advantage: creator-led audio & video content. Make BuzzFeed a bold, distinctive brand. Distinguish yourself from competitors by openly admitting your past journalistic failures and redefine BuzzFeed’s brand around the pursuit of truth,” he said, citing reports on the Steele dossier, Hunter Biden and Kevin Spacey.
He said the company should “Go for talents across the political and cultural spectrum. Be bold. Don’t be afraid to challenge your audiences. From Candace Owens to Destiny, Tucker Carlson to Bill Maher, Aaron Rodgers to Charles Barkley, no talent should be off-limits.”
“I’m very skeptical it makes business sense to turn BuzzFeed into a creator platform for