Former Republican presidential candidate and biotech entrepreneur Vivek Ramaswamy has purchased a minority stake in Buzzfeed, the digital publishing company that shut down its media outlet last year.Ramaswamy acquired a 7.7% stake in Buzzfeed, according to a filing with the Securities and Exchange Commission late Tuesday.
Earlier this month, Buzzfeed reported a first-quarter loss of $35.7 million, or 72 cents per share, on revenue of $44.8 million. Advertising revenue fell 22%, while content revenue declined 19% and the company is projecting a worsening revenue situation.
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