BuzzFeed SPAC

BuzzFeed went public via SPAC in 2021 at an implied valuation of $1B. Prior to the transaction, BuzzFeed raised a total of $696.3M, starting with a $3.5M Series A round in 2008. Since then, $BZFD stock has performed poorly falling 39 in its debut week closing just over $6 per share, just days after the expiration of a lockup preventing company insiders from selling their stock. By 2024, $BZFD was a penny stock, down over 80. The company has gone through several rounds of layoffs and fire sales. Using the funding from the SPAC transaction, BuzzFeed acquired Complex for $300M in 2021, which they went on to sell for $108M three years later only keeping the Hot Ones show after the sale.