BuzzFeed soars on reports of plans to use ChatGPT's OpenAI, Meta deal
Shares of BuzzFeed Inc. extended gains to more than double in value on Thursday on reports the digital media firm was planning to use artificial intelligence to personalize and enhance its online quizzes and content.
"In 2023, you'll see AI inspired content move from an R&D stage to part of our core business, enhancing the quiz experience, informing our brainstorming, and personalizing our content for our audience," Chief Executive Jonah Peretti said in memo to employees reviewed by Reuters.
The Wall Street Journal, which first reported the development, said the company would use ChatGPT creator OpenAI for its content.
The stock surged as much as 157% to $2.45 and was on track for its busiest session. They were trading about 50% higher earlier in the day after a separate report by the Journal said Meta Platforms Inc. was paying BuzzFeed millions of dollars to bring more creators to Facebook and Instagram.
The deal, reached last year, was valued at close to US$10 million and BuzzFeed will help generate content for Meta's platforms and train creators to grow their presence online, the report said, citing people familiar with the situation.
BuzzFeed shares were among the top three orders on Fidelity's platform on Thursday, indicating interest from retail traders.
Shares of the company, valued at US$132 million, have tanked more than 90% to Wednesday's close since going public in December 2021 through a reverse merger with a special purpose acquisition company (SPAC).
The company said last month it would cut about 12% of its workforce to rein in costs. Its third-quarter net loss had widened to US$27 million from US$3.6 million a year ago.
(Reporting by Medha Singh and Shreyaa Narayanan in Bengaluru, additional reporting by Ankika Biswas; Editing by Shinjini Ganguli and Sriraj Kalluvila)
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