Shares of BuzzFeed Inc jumped over 50% in early trading after a report said Meta Platforms Inc was paying the digital media firm millions of dollars to bring more creators to Facebook, Instagram.
About 30 million shares changed hands by 9:50 a.m. ET, setting the stock for its busiest session on record and well above its 25-day moving average volume of about 150,000., BuzzFeed agreed to help generate content for Meta's platforms and train creators to grow their presence online, the Wall Street Journal reported, citing people familiar with the situation.
"BuzzFeed was in dire need of cash. This is a case of throwing BuzzFeed a bottle of water in the middle of the desert," said Thomas Hayes, chairman and managing member at Great Hill Capital LLC.The $132 million company has seen its shares tank over 90% to just under $1 since going public via a reverse merger with a special purpose acquisition company in December 2021.
Reporting by Medha Singh in Bengaluru, additional reporting by Ankika Biswas; Editing by Shinjini Ganguli
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