Buzzfeed stock surges 200% on plans to use OpenAI to write stories
BuzzFeed shares soared 203%, trading at an intraday high of $2.88 on Thursday.
The media firm will churn out content with the help of the ChatGPT creator, and has inked a partnership with Meta.
BuzzFeed laid off 12% of its staff in December, axing around 180 roles.
BuzzFeed stock surged more than 200% on Thursday on reports that the digital media company is making moves to boost its editorial content using AI from the creator of ChatGPT.
Shares of the company were up as much as 203% Thursday, trading at $2.88.
Reports also said that Meta will pay BuzzFeed millions of dollars to bring more creators to Facebook and Instagram in a deal reached with the social media giant last year. The deal is part of partnership valued at nearly $10 million, according to the Wall Street Journal.
BuzzFeed will soon use artificial intelligence to enhance editorial content for its audiences, the Journal reported, citing a memo to staff from Chief Executive Officer Jonah Peretti on Thursday. The exec said the publisher would rely on ChatGPT creator OpenAI to personalize content like BuzzFeed's popular quizzes and listicles.
The company still remains focused on human-generated journalism, a spokesperson told the publication.
BuzzFeed, which went public via SPAC merger in 2021, has faced financial difficulties in recent years.
The company announced cuts to its news division in an effort to become more profitable last year, but the stock has continued to decline. BuzzFeed in December laid off 12% of its staff, axing around 180 roles.
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