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Already a hefty shareholder in AOL (NYSE: AOL), Chairman and CEO Tim Armstrong added to his stake by buying $11 million in shares over the p…

Tim Armstrong
photo: AP Images

Already a hefty shareholder in AOL (NYSE: AOL), Chairman and CEO Tim Armstrong added to his stake by buying $11 million in shares over the past two days at prices ranging from $21.40 to $21.60. Armstrong picked up more than a half-million shares during his buying spree, according to an SEC filing Thursday, bringing his total holdings to 3.847 million shares, options and restricted stocks units. His total stake is about 1 percent, counting only shares and RSUs; including options, it runs up to 3.6 percent.

Armstrong, who has described himself all along as an investor in AOL, explained the purchases via a statement provided by AOL: “I believe in the AOL brand, our strategy, and most importantly our team and that is why I am investing. Opportunities are opportunities because others don’t see them – AOL is an opportunity and we are just getting started.”

This comes a week after AOL disappointed with its Q1 results. At the time, Armstrong told me he is managing for investors “significantly set up around long-term outcomes of betting on content and the future of monetization on the internet,” not those looking for quick profits.

  1. Eliot Spitzer Thursday, May 6, 2010

    If Armstrong is so convinced that his strategy for AOL is a no-lose deal, he should really put his money where his mouth is.

    I’m thinking, about 50% of his portfolio into AOL stock. Or does he have more confidence in his Google shares growing than his AOL shares?

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