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Shares of BuzzFeed (BZFD) surged as much as 83% in early trading on Wednesday after former Republican presidential candidate Vivek Ramaswamy disclosed a 7.7% stake in the troubled media giant and signaled he would push for changes at the company.

According to SEC filings, Ramaswamy believes BuzzFeed stock “is undervalued and represents an attractive investment opportunity.” It intends to engage the board in a discussion on “numerous operational and strategic opportunities to maximize shareholder value, including changing the company’s strategy.”

BuzzFeed, once seen as the crown jewel in the digital media space, has struggled after going public via a special purpose acquisition company (SPAC) in 2021. Since then, the company’s shares have fallen more than 90%.

FILE - Vivek Ramaswamy speaks during the Conservative Political Action Conference, CPAC 2024, at the National Harbor in Oxon Hill, Maryland, Saturday, Feb. 24, 2024. Ramaswamy bought a 7.7% stake in Buzzfeed, a Pulitzer Prize-winning digital media outlet that in it underwent restructuring last year. Shares soared more than 50% before the market opened on Wednesday, May 22. (AP Photo/Alex Brandon, File) — Vivek Ramaswamy speaks at CPAC 2024 in Oxon Hill, Maryland, on February 24, 2024. (AP Photo/Alex Brandon, File) (ASSOCIATED PRESS)

The share disclosure raises more questions about BuzzFeed’s strategic direction. Ramaswamy, a 38-year-old biotech entrepreneur, endorsed Donald Trump after withdrawing from the presidential race in January following the Iowa caucuses. He gained a reputation as an anti-woke activist, opposing corporate involvement in social and environmental issues.

BuzzFeed has gone through major changes in the past year as it tries to achieve profitability.

BuzzFeed announced plans to close its news division and lay off 15% of its staff, or approximately 180 employees, in April 2023. Earlier this year, the company said it would lay off an additional 16% of its workforce “to reduce centralized costs and enable the company to become more flexible, sustainable and profitable.”

In addition to the layoffs, BuzzFeed also sold Complex Networks, a digital media company it acquired in 2021 for about $300 million, to live video shopping platform NTWRK in an all-cash deal valued at $108.6 million. In addition to the purchase price, BuzzFeed received approximately $5.7 million in severance and office fees.

Last week, the company reported an adjusted EBITDA loss of $11.3 million in the first quarter, but expects adjusted EBITDA to be in the range of a $4 million loss to a $1 million gain in the current quarter, “on an approximately flat basis.” year-on-year level in the middle.”