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.