Timothy Armstrong Buys 477,000 Shares of AOL
A number of people have been questioning AOL CEO Timothy Armstrong's vision for the company going forward, especially after the $300 million+ Huffington Post deal was announced last week (many felt as though AOL overpaid for the company).
Timothy Armstrong wants you to know that he thinks that AOL is a buy at these levels, and to prove it, Armstrong bought 477,000 shares of AOL at an average price of $20.966 last week (February 11th to be exact).
To save you from pulling out your calculators, this works out to a total purchase price of $10,000,782. It's not often that you see the CEO of a company make this type of purchase on the open market.
Timothy Armstrong now owns 876,511 shares of AOL directly, and another 709,157 shares indirectly (194,857 shares through Polar Capital Group, LLC, and another 514,300 shares through Armstrong Family Investment LLC).
Many people have been scratching their heads regarding Armstrong's vision for AOL, especially after recent acquisitions of Techcrunch.com, 5min Media and the Huffington Post.
AOL is currently trading at $21.83/share, which gives the company a total valuation of $2.33 billion. AOL has a 52 week high of $29.45.
Source: Davemanuel.com Insider Filings