BuzzFeed's stock has fallen below $1 per share and faces the prospect of delisting unless the stock recovers.
Peretti's plan is to boost shares back over $1 by persuading investors he's prepared to run a more profitable company. That's what led him to shut down BuzzFeed's Pulitzer-winning but"I'm trying to set us up with a better future and align with major trends," Peretti said in an exclusive interview with CNBC. "If I do that well, my leadership will be a success. If not, it won't be.
It's fair to question Peretti's decision-making in not shutting down BuzzFeed News earlier, he acknowledged. CNBC reported in March last year that investors asked him toStill, he has no plans to step down as CEO or sell the company despite the company's 95% loss in value, he said.Peretti's strategy Some of Peretti's predictions seem counterintuitive when considering what the next version of the internet might entail. He wrote that he expects news homepages to have a resurgence as destinations as social media companies such as Facebook, TikTok and Twitter turn their back on news for more general entertainment. That's why he's confident in the future of BuzzFeed brand HuffPost, which surged in popularity during the mid-2000s with its creative splash headlines.
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