Shares of digital media upstart BuzzFeed nosedived 40 percent on June 6 at the US stock exchanges, driven by heavy volumes on suspicion that many of the company’s older investors are selling the stock.

The sell-off saw the company’s market value slide to $300 million, which was less than the price AOL paid for Huffington Post in 2011, which was later sold by Verizon to BuzzFeed. BuzzFeed listed on the US bourses in December 2021 through a reverse merger with a special purpose acquisition company or SPAC at a valuation of $1.5 billion. READ MORE