BuzzFeed's Stock Soars After They Announce They'll Use A.I. Instead Of Writers To Create Content

BuzzFeed's stock soared more than 200% on Thursday after the company revealed that they will be using A.I. instead of writers to create content. CEO Jonah Peretti sent an email--which was reviewed by Wall Street Journal--to the online media company's staff stating that BuzzFeed will become the "premiere platform for A.I.-created content." In addition to Peretti's vow to invest heavily in A.I. to create content, WSJ also reported a multi-million dollar deal between BuzzFeed and Facebook parent company Meta, in which the company would generate content for Facebook and Instagram. Soon after, BuzzFeed shares rose to $2.88, its highest in seven months, before settling for the day at $2.09, still an increase of 120% and a gain of $156 million. While the jump in share prices is good news for the company, the stock is still down 80% since it went public in December 2021.