Ailing BuzzFeed Stock Gets Going As Company Launches AI-Driven Social Media Platform: Retail Stays Enthusiastic

Internet media company BuzzFeed, Inc. (BZFD) announced Tuesday that it is foraying into social media with a new artificial intelligence (AI)-driven platform.

The company said the platform is designed to “counter tech platforms’ unchecked influence over an internet increasingly fueled by misinformation, addiction, and negativity.”

The new platform aims at fostering human creativity and reinventing how content is created and shared, it added.

BuzzFeed founder and CEO Jonah Peretti said the company is building an alternative to the existing digital world dominated by content that thrives on “stakes, novelty, anger, retention and fear.”

The new platform will combine the best of BuzzFeed’s recent innovations, focusing on “interactive storytelling, new content formats, and cutting-edge AI tools to power self-expression, connection, and creative exploration.”

The company also invited creators, media partners, and industry leaders who wished to collaborate to contact it. 

The proposed expansion into social media comes amid the company’s effort to shed unviable businesses. In December, the company sold “First We Feast” to an affiliate of Soros Funds for $82.5 million. 

BuzzFeed said the sale and continued reduction of convertible debt played a key role in its transformation into a media company to fully benefit from the ongoing AI revolution.

On Stocktwits, sentiment toward BuzzFeed stock remained ‘bullish’ (59/100), but message volume was at ‘low’ levels.

BuzzFeed went public in December 2021 through a Special Purpose Acquisition Company (SPAC) deal, and since its listing, the stock has slumped 93%.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Read Next: Globalstar Stock Jumps After 1-for-15 Reverse Split, Nasdaq Shift: Retail Traders Stay Bullish