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.
Related Links: http://tinyurl.com/4phv38x (Reuters)