Mandel Ngan/AFP/Getty Images/File
Former 2024 presidential hopeful Vivek Ramaswamy speaks during the annual Conservative Political Action Conference (CPAC) meeting on February 24, 2024, in National Harbor, Maryland.
New York CNN  — 

BuzzFeed’s stock is soaring after former Republican presidential candidate Vivek Ramasamy revealed that he’s taken an activist stake in the beleaguered media company in a bid to adjust the firm’s strategy.

Shares of BuzzFeed gained about 20% on Wednesday after a securities filing revealed that Ramaswamy has acquired a 7.7% stake in the company. The stock popped more than 82% earlier in the day at its highs.

“Stay tuned,” Ramaswamy told CNN through spokesperson Tricia McLaughlin.

In a statement, BuzzFeed Inc said: “BuzzFeed is purposely structured to protect its editorial integrity. We are always open to hearing ideas from our shareholders.

Ramaswamy “believes the securities of the Issuer are undervalued and represent an attractive investment opportunity,” the filing.

He also seeks a “shift in the Company’s strategy,” the filing said.

Shares of BuzzFeed have plummeted roughly 92% since its initial public offering in 2021, though it remains above its record low closing price of 67 cents per share.

BuzzFeed has struggled in recent years along with other digital publishers, battered by a softening advertising market, sinking social media referral traffic and the rise of artificial intelligence.

The company in February sold Complex Networks for $108.6 million, after purchasing it for $300 million three years ago, as part of its effort to slash costs while improving the company’s profitability. BuzzFeed’s portfolio of brands includes HuffPost, Tasty and the First We Feast brand that houses its “Hot Ones” YouTube series.

Last year, BuzzFeed shuttered its Pulitzer Prize-winning digital news site as part of a broader move to slash the company’s headcount by 15%.