Politics

Vivek Ramaswamy Buys MASSIVE Stake In Liberal News Outlet

Published

7 months ago

May 22, 2024

In a gloriously ironic twist of fate, Vivek Ramaswamy will soon take a major seat on the governing board for one of the most fervent anti-Trump online news publications in recent memory.

The National Pulse reported that Ramaswamy, fresh off his presidential campaign, has purchased a 7.7% stake in Buzzfeed, the outlet known for first running with the Trump-Russia hoax story in 2016 and shuttering its newsroom amid a plunge in online advertising revenue across the industry. Once fueled by intrepid national journalists like Ben Smith, Buzzfeed is now at the mercy of Ramaswamy and corporations like Comcast and Hearst Communications which also lead its financing and have lost significant sums during the outlet’s downturn.

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In a filing with the Securities and Exchange Commission announcing his purchase, Ramaswamy indicated his intent to “engage in a dialogue with board or management about numerous operational and strategic opportunities to maximize shareholder value, including a shift in the company’s strategy.” Wall Street jumped on the news, pushing Buzzfeed’s stock north by 55% as it started Wednesday at $3.94 at premarket trading.

In November 2016, the outlet began reporting on unverified documents produced by British former spy Christopher Steele alleging collusion between the Trump campaign and Russian actors attempting to sow chaos in America’s presidential election. One year later, Buzzfeed was sued by Russian tech entrepreneur Aleksej Gubarev who alleged defamation when the outlet claimed his companies participated in Russia’s hack of the Democratic National Committee. Although Buzzfeed later retracted portions of the articles mentioning Gubarev, its attorneys stated that “it was not grossly irresponsible to publish the dossier.” A years-long investigation into the matter concluded that the Trump campaign did not collude with Russia.

Ramaswamy, a vociferous defender of former President Donald Trump, now has the chance to turn the tables on the outlet and perhaps even reinstitute a news division with unbiased coverage. As founder of Roivant Sciences and co-founder of Strive Asset Management, he stepped away from the financial field to campaign full-time and has indicated he does not plan to return. His stake in Buzzfeed hints at a future in media for the pugnacious former candidate who generated enthusiastic crowds around his dark horse candidacy and frequent defense of Trump while others in the field took potshots at the former president.

Most recently, Ramaswamy appeared out front of President Trump’s court hearing in Manhattan, delivering his trademark takedown of District Attorney Alvin Bragg and showing that he has no plans to abandon his party’s leader. “It’s straight out of a Kafka novel,” he said. “The prosecution’s main strategy appears to be to bore the jurors into submission. And if you look in that direction, sadly, it may appear to actually be working.”