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BuzzFeed Rises After Pulte Takes Activist Stake, Backs Ramaswamy

Cameron Baker

July 16, 2024 at 4:46 p.m.·1 min read

(Bloomberg) -- Shares of BuzzFeed Inc. closed higher on Tuesday after the founding family of US homebuilder PulteGroup Inc. disclosed an activist stake in the struggling media company.

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The Pulte family threw its weight behind former Republican presidential candidate Vivek Ramaswamy, the online platform’s second biggest shareholder, saying that it supported the changes he is seeking from its management.

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“In our opinion, the current BuzzFeed CEO Jonah Peretti is driving the company into the ground, and when Vivek Ramaswamy gave him a life boat to save his sinking ship, Peretti told him thanks anyway,” Pulte Capital Partners Chief Executive Officer William J. Pulte said in a statement posted on X.

BuzzFeed shares closed 5% higher after spiking up as much as 28% during the session.

The family’s current stake is less than 1% but may rise in “the days and weeks ahead,” their spokesman told Bloomberg in an email.

Ramaswamy, who has steadily raised his position to about 9% since disclosing his holding in BuzzFeed late May, has called for management to implement sweeping job cuts and feature more conservative voices on the platform. He also wants the board to add conservative-leaning nominees Chris Balfe, Patrick Bet-David, and Clay Travis.

Pulte said his family was not working with Ramaswamy and did not inform the entrepreneur before purchasing BuzzFeed shares.

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BuzzFeed has more than $100 million in debt and is trying to find a buyer for its food-oriented arm that produces popular YouTube-based talk show Hot Ones.

--With assistance from Bre Bradham.

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