The stock surged as much as 82% to $4.56 on Wednesday to hit the highest intraday level since April 2023. It was the stock’s biggest gain since February.

Ramaswamy founded pharmaceutical company Roivant Sciences Ltd. in 2014 and co-founded Strive Asset Management in 2022. He stepped away from the asset management firm last year to focus on his presidential run and has said he isn’t returning. Ramaswamy’s position in BuzzFeed marks his latest move since ending his political campaign, and his interest in BuzzFeed raises questions about the direction of the company. Representatives for Ramaswamy didn’t respond to a request for comment.

Strive Asset Management is an anti-activism fund, which has pushed companies to stay out of “woke” politics and has pressured about a dozen companies to end compensation incentives for environmental and social goals. The purchase makes Ramaswamy the fourth largest shareholder in BuzzFeed, trailing Comcast Corp., NEA Management Co. and Hearst Communications Inc.

BuzzFeed, known for its online quizzes, lists of “bests” and articles on pop culture, has struggled in recent years due to cutbacks in internet advertising. The company went public in 2021 in a volatile debut and the shares have fallen about 92% since then. Last year, the company eliminated its news division amid broader layoffs and in quarterly results released last week BuzzFeed said it expects revenue to decline 21% to 30% in the current quarter. That’s after an 18% decline in sales in the first three months.

To address its capital needs, the company said in a separate securities filing last week that it “may explore options to restructure its outstanding debt, and is working with advisers to optimize its condensed consolidated balance sheet.” Last week, BuzzFeed announced changes that would tie compensation of Chief Executive Officer Jonah Peretti and other executives to the company’s stock performance.

Earlier this year BuzzFeed said it would sell media company Complex for $108.6 million and reduce its remaining workforce by 16%.

Including Wednesday’s market rally, BuzzFeed had a market capitalization of $110 million.