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.

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

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