New York – Tim Armstrong, the CEO of AOL (NYSE: AOL), has doubled his stake in the company to approximately 3%, Reuters reported on Monday, citing a regulatory filing.

Armstrong has purchased another 477,000 shares in the company for about $10 million, after previously investing another $10 million into AOL.

The former Google executive is trying to turn AOL into an Internet content power.

Last week, the company announced plans to purchase The Huffington Post for $315 million, following a number of earlier acquisitions, including influential technology blog TechCrunch, and the nationwide launch of its Patch hyperlocal news network.

The latest news helped send company shares up nearly 5% in Monday’s midday trading on the New York Stock Exchange.


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