Vivek Ramaswamy and BuzzFeed CEO Jonah Peretti meet to discuss activist campaign

Vivek Ramaswamy and BuzzFeed CEO Jonah Peretti recently had a meeting to discuss Ramaswamy’s activist campaign against the media company. Despite the initial tension caused by Ramaswamy’s incendiary letter announcing his stake in BuzzFeed, the meeting was amicable and ended with plans for further discussions in person later this summer or in early fall.

BuzzFeed’s stock initially rose after Ramaswamy’s disclosure of his ownership position but has since dropped, giving the company a market cap below $80 million. Ramaswamy has continued to increase his stake, now owning 8.9% of the company.

During the meeting, Peretti, Ramaswamy, a BuzzFeed director, and two of the three individuals Ramaswamy wants to add to the board discussed potential changes. Ramaswamy claimed that former BuzzFeed employees and early investors had reached out to him, expressing the need for change within the company.

While tensions have cooled, core disagreements over company mission and model remain unresolved. The meeting was described as “constructive” by Ramaswamy, with BuzzFeed stating that his recommendations will be sent through the formal governance process.

In related news, BuzzFeed has been trying to sell First We Feast, the owner of the popular “Hot Ones” show, with an initial asking price of $70 million. The future of BuzzFeed and the potential for fireworks later this year remain uncertain.