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BuzzFeed Stock Drops 11% on First Day as Public Company

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Shares of BuzzFeed dropped 11% on the company’s first day of trading as a public entity following its SPAC deal.
Shares of BuzzFeed dropped 11% on the company’s first day of trading as a public entity after merging with a special purpose acquisition company — a disappointing debut for the 15-year-old digital media player, which is unprofitable. BuzzFeed stock started trading on Nasdaq under the symbol “BZFD” on Monday. Shares opened at $10.95 per share and rose as much as $14.77 (up more than 50%), before slipping into negative territory in late-morning trading. The stock closed at $8.56/share, down 11% for the day, amid a rise in broader market indices. BuzzFeed’s market cap currently stands at $363.85 million. On Friday, Dec.3, shareholders of 890 5th Avenue Partners — the special purpose acquisition company (SPAC) that merged with BuzzFeed — voted to approve the deal, setting the stage of BuzzFeed shares and warrants to start trading.

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