After BuzzFeed announced on Monday that Byron Allen is acquiring a majority stake for $120M, former employees are taking the news hard, at the once high-flying media darling.

Although stock rose by 100% on Tuesday after news of Allen’s deal broke, it’s a far cry from the company’s worth at its height.

In 2014, then-CEO and founder Jonah Peretti (now president of BuzzFeed AI) turned down a reported $650 million offer from Disney.

After BuzzFeed announced on Monday that Byron Allen is acquiring a majority stake for $120M, former employees are taking the news hard, at the once high-flying media darling.…