Buzzfeed shares drop 11% on first day of trading

Buzzfeed today completed its long-anticipated stock market listing. The digital media company is trading on the Nasdaq exchange under the ticker, BZFD.

The listing – made through a merger with 890 Fifth Avenue Partners, a special-purpose acquisition company (SPAC) – didn’t quite go as planned.

On Friday last week, it emerged that Buzzfeed had raised less money than expected from the deal ($16m rather than $250m after a flurry of investor withdrawals).

Today, as it entered the Nasdaq, Buzzfeed’s shares initially jumped up to 50%. But when the market closed, they were down around 11% at $8.56.

Related

Job Moves

Jason Cowley bowing out after 16 years as New Statesman editor

Mistakes and Rulings

Muslim news site 5Pillars quits regulator for religious reasons

Job Moves

Former Washington Post executive editor Sally Buzbee joins Reuters as news editor

Buzzfeed co-founder and chief executive Jonah Peretti spoke to CNBC as the company listed this morning (see video below).

Sign up to our newsletters View all newsletters

never miss a story Press Gazette Sign up here

Select and enter your email address

Future of Media

Weekly insight into the big strategic issues affecting the future of the news industry. Essential reading for media leaders every Thursday.

Press Gazette Daily

Your morning brew of news about the world of news from Press Gazette and elsewhere in the media. Sent at around 10am UK time.

Future Of Media USA

Our weekly dose of strategic insight about the future of news media aimed at US readers.

Marketing Matters

A fortnightly update from the front-line of news and advertising. Aimed at marketers and those involved in the advertising industry.

Your email address

Job title

• Business owner/co-owner
• CEO
• COO
• CFO
• CTO
• Chairperson
• Non-Exec Director
• Other C-Suite
• Managing Director
• President/Partner
• Senior Executive/SVP or Corporate VP or equivalent
• Director or equivalent
• Group or Senior Manager
• Head of Department/Function
• Manager
• Non-manager
• Retired
• Other

Business owner/co-owner CEO COO CFO CTO Chairperson Non-Exec Director Other C-Suite Managing Director President/Partner Senior Executive/SVP or Corporate VP or equivalent Director or equivalent Group or Senior Manager Head of Department/Function Manager Non-manager Retired Other

Sign up

Visit our privacy Policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.

Thank you

Thanks for subscribing.

Close

Source: Various

Country: US

Status: Official

Email pged@pressgazette.co.uk to point out mistakes, provide story tips or send in a letter for publication on our "Letters Page" blog