BuzzFeed Rises After Pulte Takes Activist Stake, Backs Ramaswamy

Shares of BuzzFeed Inc. closed higher on Tuesday after the founding family of US homebuilder PulteGroup Inc. disclosed an activist stake in the struggling media company.

The Pulte family threw its weight behind former Republican presidential candidate Vivek Ramaswamy, the online platform’s second biggest shareholder, saying that it supported the changes he is seeking from its management.

“In our opinion, the current BuzzFeed CEO Jonah Peretti is driving the company into the ground, and when Vivek Ramaswamy gave him a life boat to save his sinking ship, Peretti told him thanks anyway,” Pulte Capital Partners Chief Executive Officer William ...