On Wednesday, BuzzFeed Inc (NASDAQ:BZFD) shares gained after former republican Presidential candidate Vivek Ramaswamy took a 7.7% stake in BuzzFeed for about $3.2 million as per SEC filing.

As per data from Benzinga Pro, BuzzFeed shares are trading on a strong session volume of 4.84 million compared to an average 100-day volume of 938.86k.

Related: BuzzFeed Shares More Than Double Following $108.6M Complex Sale, Plans To Layoff 16% Staff.

According to the SEC filing, Ramaswamy "will engage in a dialogue with (BuzzFeed's) Board of Directors and/or management about numerous operational and strategic opportunities to maximize shareholder value, including a shift in the company's strategy."

A multi-millionaire who dropped out of the U.S. presidential race in January this year, Ramaswamy founded the biotech firm Roivant Sciences Ltd (NASDAQ:ROIV).

Once valued at $1.7 billion, Buzzfeed has experienced a steep decline in its stock value, prompting the company to divest its news operation and seek buyers for subsidiaries like Complex Networks.

Recently, BuzzFeed entered into a multi-year license and strategic partnership with Independent Digital News and Media.

The agreement merges well-known brands like The Independent, BuzzFeed U.K., Tasty U.K., Seasoned, and HuffPost U.K., consolidating them under The Independent's leadership for operations in the U.K. and Ireland.

Price Action: At the last check on Wednesday, BZFD shares were up 44.8% at $3.62 during the premarket session.