BuzzFeed Fallout Worsens, Sheds 39% Since This Week’s Debut (1)

BuzzFeed Inc.’s plunge after leaping into the public market earlier this week is accelerating.

Shares of the digital media company spiraled 24% to $5.87 Thursday, closing at a fourth consecutive record low. BuzzFeed debuted on Dec. 6 after merging with blank-check company 890 5th Avenue Partners Inc., and since then it has shed nearly 40% of its value as the majority of investors opted not to participate, leaving the business with a fraction of the millions in funding it originally expected to receive.

The plunge by the company that Jonah Peretti co-founded 15 years ago contrasts with ...