Why BuzzFeed Stock More Than Doubled Today
Shares of digital media company BuzzFeed (NASDAQ: BZFD) are having their best day of trading ever. As of 1 p.m. ET, BuzzFeed stock was up 124% and still climbing after a report surfaced regarding a partnership between the company and Meta Platforms.
According to The Wall Street Journal, Meta is partnering with BuzzFeed to create content in a deal that is reportedly worth millions. And according to BuzzFeed's founder and CEO Jonah Peretti, the company will be working with ChatGPT's creator OpenAI to make its content more relevant to its audiences.
For context, roughly half of BuzzFeed's revenue comes from ads placed on its digital content. And this revenue source only grew 11% year over year during the first three quarters of 2022 because advertisers have generally pulled back their spending.
Source Fool.com
