The BuzzFeed SPAC fiasco is only getting worse

Some ex-employees, it turns out, were able to trade while others could only watch the shares plummet


Earlier this month, the staggeringly bad market performance of BuzzFeed managed to get even worse. Shares of the media company fell more than 40 percent on June 6, just days after the expiration of a lockup preventing company insiders from selling their stock.

BuzzFeed is now trading at just $1.68 — a decline of nearly 85 percent since the moment it went public on December 6 by merging with a special-purpose acquisition company, or SPAC. It’s a startlingly poor return even by the low standards of SPACs, which have recently crashed en masse.

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