Tim Armstrong has spent the better part of a year been telling anyone who’ll listen that AOL – as a content company -- is on the comeback trail. As the CEO, he kind of has to.
This week, he put some money where his mouth is, buying $11.1 million worth of AOL stock.
“I believe in the AOL brand, our strategy and most importantly our team, and that is why I am investing,” Armstrong said a statement. “Opportunities are opportunities because others don’t see them -- AOL is an opportunity and we are just getting started.”
The move helped AOL’s stock rise 2.6 percent to $21.68 per share in Friday trading. Since AOL’s spinoff from Time Warner last December, the stock has been down about 10 percent.
Last month, AOL reported that profits fell more than 58 percent during the first quarter as the company struggled to sell ads.
More to read:
AOL Profits Fall 58%
AOL Hires Two More Media Vets for Content Push
