(StraightNews.org) – Republican Presidential primary contender Vivek Ramaswamy has urged Buzzfeed to recruit new talents, including Bill Maher and Tucker Carlson, to reverse its ailing fortunes. Ramaswamy owns 8.3% of the company and recently wrote to its board saying it should slash jobs, appoint new members, and diversify its content with more conservative voices.
The company soared on the Nasdaq, with share prices exploding by 20%, after Mr. Ramaswamy revealed his hopes for involvement in its future direction.
The Republican accused Buzzfeed of feeding into public distrust of the media by publishing the infamous “Steele dossier” in 2017 that contained unverified and explosive allegations Donald Trump had colluded with Russia to win the election the previous year. Ramaswamy said the outlet should “distinguish” itself by admitting past mistakes and making a renewed commitment to the pursuit of truth.
In response, CEO Jonah Peretti said he would not apologize for Buzzfeed’s Pulitzer Prize-winning work and that Mr. Ramaswamy fundamentally misunderstands the company. Mr. Peretti’s position and stock ownership in Buzzfeed permits him to veto any proposals about the company’s direction.
Critics have accused Mr. Ramaswamy of “trolling” Buzzfeed with his proposals. Jeffrey A. Sonnenfeld of the Yale School of Management described his letter as an attempt to inject himself into the organization. “He is, in short, trying to hijack Buzzfeed,” Sonnenfeld said. He said the letter suggested that Ramaswamy’s proposals are political gimmicks rather than credible business-driven changes.
Nevertheless, the company continues to struggle financially, and after a successful start, its shares have plummeted. Since going public in 2021, Buzzfeed’s share price has fallen by 92% to just $3 when Ramaswamy composed his letter.
Jonah Peretti and business partner John Johnson founded the outlet in 2006 and were soon joined by Huffington Post co-founder Kenneth Lerer. The organization focuses on digital output and earns income through native advertising – a style of promotion in which the advertised product adopts the same style and format as its surrounding content.
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