Last month, Buzzfeed announced plans to cut its workforce by 12% in an effort to rein in costs as the company's stock value continued its downward spiral since going public in 2021.
But a newly revealed partnership that will bring a very smart, albeit inanimate, content creator into the fold, has sent Buzzfeed's stock on a tear, with the share price up over 300% in the last two days.
"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," Peretti wrote in the memo, according toPeretti told employees he believes the algorithmic approach of optimizing content for users is set to be replaced by new tools based on emerging artificial intelligence capabilities.
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