What is Tim Armstrong's Net Worth and Salary?
Tim Armstrong is an American businessman with a net worth of $250 million. As the former President of Google America, Tim assumed the roles of CEO and Chairman of AOL, Inc. in 2009. He played a crucial role in selling AOL to Verizon in 2015 for $4.4 billion and remained at Verizon until 2018. Despite a significant write-down of the AOL acquisition by Verizon, Tim received $60 million upon his exit. During his leadership at AOL, he earned a base salary of $1 million and typically received around $5 million in bonuses and other compensation.
AOL Stock Earnings
In 2010, Tim owned 1% of AOL's total outstanding shares, roughly 1 million shares. Believing the company was undervalued, he used his own funds to buy more shares aggressively. For example, in 2011, he invested $10 million to acquire 500,000 shares and purchased another 500,000 shares in 2012 for $12 million. By the time of the AOL acquisition by Verizon in 2015, Tim owned 5.5 million shares. Verizon's acquisition price of $50 per share resulted in a $275 million pre-tax windfall for Tim. Combining this with his earnings at AOL, Tim's total earnings amounted to at least $400 million.
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. While a student, he was on the rowing team and coached the women's ice hockey team. He graduated with a Bachelor of Arts degree in 1993.
After college, Timothy founded a financial newspaper in Boston named "Beginnings in Boston." The publication provided advice to college graduates about to embark on their careers. In 1994, he ceased its publication to acquire "Square Deal," a Harvard Square newspaper that had lost its editor. He sold that newspaper shortly after and started working as the director of advertising sales for International Data Group.
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Business Career
In 1995, Tim Armstrong was appointed marketing director for Starwave, an entertainment and news software company. After Disney acquired Starwave in 1998, Tim became their director of integrated sales and marketing. He secured his first million-dollar online advertising deal while with Starwave, partnering with HCA Healthcare, Inc.
In 2000, Tim served as vice president of strategic partners at Snowball, a news and gaming company. That same year, he also took on the role of vice president of advertising sales at Google, later becoming president at Google Americas, and in 2009, CEO of AOL.
In 2007, Tim co-founded Patch, a local news platform. AOL acquired Patch in 2009 for approximately $7 million. Tim was pivotal in rebranding AOL, focusing on original content and placing significant emphasis on prominent advertisers. Under his leadership, AOL acquired The Huffington Post, Engadget, and TechCrunch. Tim facilitated the sale of AOL to Verizon for $4.4 billion in 2015 and left Verizon in 2018.
New Endeavors
Tim is the founder and CEO of Flowcode, a graphical programming tool designed to develop electromechanical systems quickly. Flowcode simplifies complex procedures and includes a built-in data recorder for testing and debugging, making it an essential tool for business owners.
Boards
Throughout his career, Tim has served on multiple prominent boards, including the Priceline Group, Inc., the Advertising Research Foundation, the Interactive Advertising Bureau, the Paley Center for Media, Teach for America, Wheels Up, Inc., the Waterside School, and the IAB Education Foundation.
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Extracurricular
Tim is a trustee of the United States Olympic & Paralympic Foundation. He also owns the National Lacrosse League's indoor lacrosse team, the Boston Blazers. In 2009, Tim and William Hambrecht founded the United Football League.
Accolades
In 2015, Tim received the Life Achievement Award at the Corporate Social Responsibility Awards. In 2013, the Advertising Council honored him with their annual Public Service Award.
Personal Life
Tim and his wife Nancy have three children: a son and two daughters. In 2022, Nancy produced the documentary "The Disruptors" after all three of their children were diagnosed with ADHD. The film, available on YouTube, Amazon, Google Play, and iTunes, follows families turning ADHD challenges into strengths. During this process, Tim was diagnosed with ADHD and manages his symptoms by meditating, exercising, eating healthily, and ensuring adequate sleep.
