Changes headline and paragraph 1 to doubled investment
Armstrong purchased 477,000 of AOL shares at an average price of about $20.97 totaling approximately $10 million according to a regulatory filing on Monday.
Armstrong owns approximately a 3 percent stake in the company.
AOL shares were up 3.7 percent at $22 in early trading on the New York Stock Exchange. They are down around 10 percent year-to-date.
Armstrong is trying to turn around the troubled company after it split from Time Warner Inc
Armstrong, a former Google
(Reporting by Jennifer Saba; Editing by Derek Caney)