Former 2024 GOP presidential candidate Vivek Ramaswamy has issued a seven-page letter to BuzzFeed's board of directors, reviewed by FOX Business, urging the troubled media company to add three more directors he has vetted and adapt its business model to survive as the company hemorrhages money. Since going public in December 2021, BuzzFeed's market value has plummeted from around $1.5 billion to just under $100 million.
With revenue expected to decline further, Ramaswamy implored BuzzFeed to transform its business model now that more companies are relying on burgeoning AI technologies. He forecasted that BuzzFeed faced likely bankruptcy by the end of 2024 if it fails to adapt its business model. To get back on track, Ramaswamy recommended the company roll out a new strategy in three phases: Get Back to Startup Size, Invest in Creator-Led Audio & Video Content, and Make BuzzFeed a Bold, Distinctive Brand.