International
Former GOP Republican Presidential Candidate Buys Activist Stake In Left-Wing Outlet
From the Daily Caller News Foundation
By JASON COHEN
Former Republican presidential candidate and businessman Vivek Ramaswamy purchased an activist stake in BuzzFeed, according to a May Securities and Exchange Commission filing.
Ramaswamy purchased a 7.7% stake consisting of 2.7 million shares between March 14 and May 21 at costs ranging from $1.47 to $2.51 per share, according to the filing. The businessman asserted in the filing that he feels the company’s shares are “undervalued and represent an attractive investment opportunity.”
The New York Times vehemently claims that the noncitizen voting problem is a “false narrative.” If it’s such a non-issue, it’s interesting that they’re so staunchly opposed to a bill that bans it. pic.twitter.com/o40FK6sU05
— Vivek Ramaswamy (@VivekGRamaswamy) May 22, 2024
Ramaswamy “will seek to engage in a dialogue with the Issuer’s Board of Directors (the “Board”) and/or management about numerous operational and strategic opportunities to maximize shareholder value, including a shift in the Company’s strategy,” according to the filing.
Buzzfeed has been laying off employees since late 2022 as it has struggled with digital advertising, according to The Associated Press. The company closed down its BuzzFeed News in early 2023.
The company also recently reported a loss of $35.7 million in the first quarter of 2024 as advertising revenue plunged 22%, according to the AP.
“It’s an interesting bet,” an individual who is close to Ramaswamy told Mediaite. “Vivek, the anti-woke warrior, buying a material stake in one of America’s most woke media entities would signal to this long time investor that he intends to make it a free speech platform … If he turns it around financially, he would have serious street cred for another conservative political move.”
Ramaswamy in January suspended his presidential campaign and endorsed former President Donald Trump as the 2024 Republican nominee. The businessman also recently visited Trump at the New York courthouse where he is currently on trial.
“The most remarkable part was the one thing you get from being in that courtroom is a sense of the depressing atmosphere, which matches the depressing nature of what’s happening in there. It’s sort of like a concrete poem for the decline of America, actually. You get like a third-world visual, atmospheric courtroom, open wires sticking out, temperature regulation nonexistent, stuffy air a thick scent. And in the same place is happening. It’s not just third-world atmospherics, but a third-world proceeding,” Ramaswamy told the Daily Caller.
Online news outlet The Messenger shut down in January after less than a year of operations; the outlet started out with $50 million in May 2023, but it was hemorrhaging tens of millions of dollars while only taking in about $3 million in revenue last year. The Washington Post planned to eliminate roughly 240 jobs as of December 2023 amid its financial struggles and NPR has similarly been laying off workers since 2022.
BuzzFeed and Ramaswamy did not immediately respond to the Daily Caller News Foundation’s request for comment.
MxM News
Quick Hit:
The Justice Department has withdrawn a discrimination lawsuit against Elon Musk’s SpaceX that was filed during the Biden administration. The lawsuit accused SpaceX of discriminatory hiring practices against asylum seekers and refugees. The move follows ongoing cost-cutting measures led by Musk as the head of the Department of Government Efficiency under the 47th President Donald Trump’s administration.
Key Details:
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The DOJ filed an unopposed motion in Texas federal court to lift a stay on the case, signaling its intent to formally dismiss the lawsuit.
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The lawsuit, filed in 2023, alleged SpaceX required job applicants to be U.S. citizens or permanent residents, a restriction prosecutors argued was unlawful for many positions.
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Elon Musk criticized the lawsuit as politically motivated, asserting that SpaceX was advised hiring non-permanent residents would violate international arms trafficking laws.
Diving Deeper:
The Justice Department, led by Attorney General Pam Bondi, has moved to drop the discrimination lawsuit against SpaceX, marking another reversal of Biden-era legal actions. The case, initiated in 2023, accused SpaceX of discriminating against asylum seekers and refugees by requiring job applicants to be U.S. citizens or permanent residents. Prosecutors claimed the hiring policy unlawfully discouraged qualified candidates from applying.
The DOJ’s decision to withdraw the case follows a judge’s earlier skepticism about the department’s authority to pursue the claims. No official reason for the withdrawal was provided, and neither Musk, SpaceX, nor the DOJ have issued public statements on the development.
Elon Musk was outspoken in his criticism of the lawsuit, labeling it as a politically motivated attack. Musk argued that SpaceX was repeatedly informed that hiring non-permanent residents would violate international arms trafficking laws, exposing the company to potential criminal penalties. He accused the Biden-era DOJ of weaponizing the case for political purposes.
The decision to drop the lawsuit coincides with Musk’s growing influence within the Trump administration, where he leads the Department of Government Efficiency (DOGE). Under his leadership, DOGE has implemented aggressive cost-cutting measures across federal agencies, including agencies that previously investigated SpaceX. The Federal Aviation Administration (FAA), which proposed fining SpaceX $633,000 for license violations in 2023, is currently under review by DOGE officials embedded within the agency.
Meanwhile, SpaceX’s regulatory challenges appear to be easing. A Texas-based environmental group recently dropped a separate lawsuit accusing the company of water pollution at its launch site near Brownsville. The withdrawal of the DOJ lawsuit signals a significant victory for Musk as he continues to navigate regulatory scrutiny while advancing his business ventures under the Trump administration.
MxM News
Quick Hit:
PepsiCo is the latest major U.S. company to adjust its diversity, equity, and inclusion (DEI) policies as 47th President Donald Trump continues his campaign to end DEI practices across the federal government and private sector. The company is shifting away from workforce representation goals and repurposing its DEI leadership, signaling a broader trend among American corporations.
Key Details:
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PepsiCo will end DEI workforce representation goals and transition its chief DEI officer to focus on associate engagement and leadership development.
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The company is introducing a new “Inclusion for Growth” strategy as its five-year DEI plan concludes.
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PepsiCo joins other corporations, including Target and Alphabet-owned Google, in reconsidering DEI policies following Trump’s call to end “illegal DEI discrimination and preferences.”
Diving Deeper:
PepsiCo has announced significant changes to its DEI initiatives, aligning with a growing movement among U.S. companies to revisit diversity policies amid political pressure. According to an internal memo, the snacks and beverages giant will no longer pursue DEI workforce representation goals. Instead, its chief DEI officer will transition to a broader role that focuses on associate engagement and leadership development. This shift is part of PepsiCo’s new “Inclusion for Growth” strategy, set to replace its expiring five-year DEI plan.
The company’s decision to reevaluate its DEI policies comes as President Donald Trump continues his push against DEI practices, urging private companies to eliminate what he calls “illegal DEI discrimination and preferences.” Trump has also directed federal agencies to terminate DEI programs and has warned that academic institutions could face federal funding cuts if they continue with such policies.
PepsiCo is not alone in its reassessment. Other major corporations, including Target and Google, have also modified or are considering changes to their DEI programs. This trend reflects a broader corporate response to the evolving political landscape surrounding DEI initiatives.
Additionally, PepsiCo is expanding its supplier base by broadening opportunities for all small businesses to participate, regardless of demographic categories. The company will also discontinue participation in single demographic category surveys, further signaling its shift in approach to DEI.
As companies like PepsiCo navigate these changes, the debate over the future of DEI in corporate America continues. With Trump leading a campaign against these practices, more companies may follow suit in reevaluating their DEI strategies.
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