Former Republican presidential candidate and entrepreneur Vivek Ramaswamy invested in BuzzFeed, according to a filing from the Securities and Exchange Commission (SEC).

The SEC filing showed that Ramaswamy had purchased a 7.7% stake in BuzzFeed between March 14 and May 21, making up 2.7 million shares.

Costs of the shares ranged anywhere between $1.54 and $2.51, according to the filing.

Ramaswamy said in the filing that he believes BuzzFeed’s shares are “undervalued and represent an attractive investment opportunity.”

NEW YORK, NEW YORK – DECEMBER 06: BuzzFeed is displayed in front of the Nasdaq market site as the media company goes public on the Nasdaq through a merger with a special-purpose acquisition company on December 06, 2021 in New York City. Shares of the digital media company, trading under the new ticker “BZFD,” rose 12.7% to $10.84 as markets opened Monday. (Photo by Spencer Platt/Getty Images)

The filing notes that the “Reporting Person,” otherwise known as Ramaswamy, “will seek to engage in a dialogue with the Issuer’s Board of Directors (the ‘Board’) and/or management about numerous operation and strategic opportunities to maximize shareholder value, including a shift in the Company’s strategy.”

After the news of Ramaswamy purchasing a stake in BuzzFeed, shares of the company soared “as much as” 77 percent to “$4.44 at the market open on Wednesday to hit the highest intraday level since April 2023,” according to Bloomberg News.

This represented the largest gain for BuzzFeed stocks in February, according to the outlet.

Since 2021 when the company went public in December, BuzzFeed shares have decreased 92 percent, according to CNN.

Over the recent years, BuzzFeed has let go of part of its staff and sold Complex Networks for $108.6 million, after acquiring it for $300 million in 2021.