Tim Armstrong is an accomplished American businessman. As of 2024, Tim Armstrong net worth is $250 million.
Armstrong, who served as the President of Google America, became the CEO and Chairman of AOL, Inc. in 2009.
He played a pivotal role in the sale of AOL to Verizon in 2015 for $4.4 billion, remaining with Verizon until 2018.
Despite Verizon eventually writing down 50% of AOL’s acquisition value, Armstrong received $60 million upon his departure.
During his tenure at AOL, his base salary was $1 million, with total annual compensation, including bonuses, typically around $5 million.
AOL Stock Earnings
In 2010, Armstrong owned 1% of AOL’s outstanding shares, approximately 1 million shares.
Believing the company was undervalued, he personally invested in more shares, spending $10 million in 2011 to purchase 500,000 shares and another $12 million in 2012 for an additional 500,000 shares.
By the time Verizon acquired AOL in 2019, Armstrong held 5.5 million shares, receiving $50 per share, resulting in a $275 million pre-tax windfall.
Combined with his earnings at AOL and the $60 million from Verizon, Armstrong amassed at least $400 million from his time at AOL.
Tim Armstrong Early Life
Timothy Armstrong was born on December 21, 1970, in Riverside, Connecticut.
He attended Connecticut College, where he double-majored in Economics and Sociology and participated in the rowing team and coached women’s ice hockey.
Armstrong graduated in 1993 with a Bachelor of Arts degree.
After college, Armstrong established “Beginnings in Boston,” a financial newspaper offering career advice to college graduates.
In 1994, he acquired and later sold “Square Deal,” a Harvard Square newspaper.
Subsequently, he worked as the director of advertising sales for International Data Group.
Tim Armstrong Business Career
In 1995, Armstrong became the marketing director for Starwave, an entertainment and news software company in Seattle.
After Disney acquired Starwave in 1988, he served as their director of integrated sales and marketing, securing his first million-dollar online advertising deal with HCA Healthcare, Inc.
In 2000, Armstrong joined Snowball as vice president of strategic partners, followed by a role as vice president of advertising sales for Google.
He later became President of Google Americas before being appointed CEO of AOL in 2009.
In 2007, Armstrong co-founded Patch, a local news platform, which AOL acquired in 2009 for approximately $7 million.
Under his leadership, AOL rebranded, focusing on original content and major advertisers, acquiring entities like “The Huffington Post,” “Engadget,” and “TechCrunch.”
Armstrong was instrumental in negotiating AOL’s acquisition by Verizon for $4.4 billion in 2015 and left Verizon in 2018.
New Endeavors
Tim Armstrong founded and currently serves as CEO of Flowcode, a graphical programming tool that streamlines the development of electromechanical systems, making the process more accessible for business owners.
Flowcode’s built-in data recorder simplifies testing and debugging, enabling the creation of highly functional programs through instant conversions and real-time data.
Board Memberships
Throughout his career, Armstrong has served on several prominent boards, including the Priceline Group, the Advertising Research Foundation, the Interactive Advertising Bureau, the Paley Center for Media, Teach for America, Wheels Up, the Waterside School in Connecticut, and the IAB Education Foundation.
Extracurricular Activities
Armstrong is a trustee for the United States Olympic & Paralympic Foundation and owns the National Lacrosse League’s Boston Blazers.
In 2009, he co-founded the United Football League with William Hambrecht.
Accolades
In 2015, Armstrong received the Life Achievement Award at the Corporate Social Responsibility Awards.
In 2013, the Advertising Council honored him with their annual Public Service Award.
Tim Armstrong Personal Life
Tim Armstrong and his wife Nancy have three children: a son and two daughters.
After their children were diagnosed with Attention-Deficit Hyperactivity Disorder (ADHD), Nancy produced the documentary “The Disruptors” in 2022, which is available on YouTube, Amazon, Google Play, and iTunes.
The film showcases families turning their ADHD struggles into strengths.
During his children’s diagnostic process, Armstrong discovered he also had ADHD, learning from a doctor that ADHD is often genetic.
He manages his symptoms through daily meditation, regular exercise, a healthy diet, and sufficient sleep.
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Conclusion
Tim Armstrong’s career is marked by significant achievements in the business world, from his leadership roles at Google and AOL to his entrepreneurial ventures like Flowcode.
His strategic decisions and personal investments have resulted in substantial financial success.
Beyond business, Armstrong’s involvement in community service and his personal journey with ADHD highlight his multifaceted contributions and resilience.
