Well-Known Media Stock Rips Following 7.7% Stake Disclosure

By: Dylan Sikes – AllPennyStocks.com News

Wednesday, May 22, 2024

A very-well known media company saw its shares rip mid-week after it was announced that wealth biotech entrepreneur Vivek Ramaswamy took a 7.7% stake in the company.

Shares of BuzzFeed Inc. (Nasdaq:BZFD) rallied strongly to start off the session, with the price topping out at $4.56/share (+82.4%) at the session high. This move is a strong continuation of the success this stock has had so far this year.

BuzzFeed Inc is a tech-powered, diversified media company that reaches hundreds of millions globally through its cross-platform news and entertainment network. The company produces articles, lists, quizzes, videos, and original series; lifestyle content through brands including Tasty, the world's largest social food network; original reporting and investigative journalism through BuzzFeed News and HuffPost; an industry- leading affiliate business, strategic partnerships, licensing and product development through BuzzFeed Commerce; and original productions across broadcast, cable, SVOD, film and digital platforms for BuzzFeed Studios.

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