All articles tagged with #jonah peretti
Vivek Ramaswamy's recent purchase of an 8% stake in Buzzfeed and his attempt to influence the company are unlikely to succeed due to Jonah Peretti's controlling shares. The article criticizes Ramaswamy's strategy, suggesting he should have targeted a more significant platform like Facebook for greater impact.
Vivek Ramaswamy, a significant new investor in BuzzFeed, has called for major changes in the company's strategy, staffing, and board composition, along with an apology for past reporting. BuzzFeed CEO Jonah Peretti has declined the apology but is open to discussions, noting Ramaswamy's misunderstandings of the business. Ramaswamy, who now holds over 8% of BuzzFeed, believes the company needs a complete restructuring to adapt to AI-driven changes and should focus on creator-led content while addressing past journalistic errors.
Vivek Ramaswamy, who now owns 8.4% of BuzzFeed, has urged the company to cut staff, hire conservative commentators, and shift its strategy towards video and audio. BuzzFeed CEO Jonah Peretti responded by rejecting these proposals, emphasizing the company's commitment to its current journalistic standards. Shares in BuzzFeed rose 8% following the news.
Activist investor Vivek Ramaswamy, who has increased his stake in BuzzFeed to 8.37%, has called for new board members and significant cost cuts in a letter to CEO Jonah Peretti. Ramaswamy suggests focusing on high-value content, reducing headcount, and apologizing for past media coverage. Peretti disagrees with Ramaswamy's proposals but is open to further discussions.
Vivek Ramaswamy, a former Republican presidential candidate, has acquired a 7.7% stake in BuzzFeed for under $4 million, aiming to become an activist investor. Despite BuzzFeed's struggles and a dual-class stock structure that gives founder Jonah Peretti control, Ramaswamy believes the company's shares are undervalued and seeks to influence its management to increase their value. The exact motivations behind his investment remain speculative, ranging from financial gain to seeking media attention.
BuzzFeed's founder Jonah Peretti turned down a $650 million offer from Disney CEO Bob Iger ten years ago. Now, BuzzFeed is facing financial setbacks and has announced the closure of its Pulitzer Prize-winning news division, resulting in the layoff of around 180 staff members. Peretti has apologized for the turn of events and admitted that he was slow to accept that big platforms wouldn't provide the distribution or financial support required to support premium, free journalism purpose-built for social media.
BuzzFeed is shutting down its news division as part of an effort to cut 15% of its workforce, affecting 180 people across the company's business, content, tech, and administrative teams. The company's founder, Jonah Peretti, said he "made the decision to overinvest" in BuzzFeed's news division because he loved the work it produced but acknowledged that he had been slow to accept that social media platforms would not provide the financial support needed to make Buzzfeed News profitable. BuzzFeed will continue to publish news on HuffPost, which Mr. Peretti said in his memo was profitable and less dependent on social platforms.
BuzzFeed News is shutting down as part of a 15% workforce reduction across multiple teams due to cost cuts. BuzzFeed CEO Jonah Peretti said he had "overinvested" in BuzzFeed News and failed to hold the company to higher standards for profitability. He plans to engage with the News Guild union about the cost reduction plans and what they would mean for affected union members.