Shares of digital media company BuzzFeed (NASDAQ: BZFD) had been stuck in the doldrums over the past year. But today, the stock suddenly skyrocketed after former presidential candidate Vivek Ramaswamy disclosed a major investment in the company. As of 10 a.m. ET on Wednesday, BuzzFeed stock was up around 30% -- but it had been up as much as 82% earlier in the day.

The market capitalization for BuzzFeed has mostly fluctuated between $30 million and $60 million in 2024. And that's just too cheap to overlook, according to Ramaswamy. The (almost) billionaire took an interest in BuzzFeed stock back in March when it traded at about $1.50 per share.

According to yesterday's filing with the Securities and Exchange Commission (SEC), Ramaswamy has been a consistent buyer of BuzzFeed stock ever since he started buying in March, and he now owns 7.7% of the company. The investor base had grown bored with BuzzFeed, but it's now reinvigorated after seeing how much he bought.

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Source Fool.com