Vivek Ramaswamy calls for a change in culture at BuzzFeed following investment stake acquisition

Former US Republican presidential candidate Vivek Ramaswamy has made headlines by calling for major changes at BuzzFeed after increasing his stake in the media company to 8.3 percent. In a letter to the board of directors, Ramaswamy criticized BuzzFeed for decisions that he believes have contributed to the public’s distrust of the media, including publishing a dossier by former British spy Christopher Steele in 2017 without verifying the information.

Ramaswamy urged BuzzFeed to focus on video content, hire new voices like former Fox News host Tucker Carlson, and admit to past journalistic failures in order to redefine the company’s brand around the pursuit of truth. He also emphasized the importance of hiring editorial talent across the political and cultural spectrum to diversify viewpoints within the organization.

The biotech entrepreneur highlighted the threat posed by artificial intelligence tools like Google’s AI-generated answers to search queries, which are diverting traffic away from traditional media outlets. Ramaswamy suggested that BuzzFeed respond by hiring controversial and high-profile figures in audio and video, such as Carlson and talk show host Bill Maher, to attract more viewers.

BuzzFeed’s stock has plummeted from $40 a share in 2021 to below $3, leading to the closure of its news division in 2023. Ramaswamy’s disclosure of his multimillion-dollar stake in the company briefly boosted its shares, but BuzzFeed’s market capitalization remains relatively low at just over $100 million. The future of the media company now hangs in the balance as it faces pressure to adapt to changing consumer preferences and regain public trust.