Tim Armstrong has spent $667 million on AOL acquisitions since 2009.
And yet, right now, the company's market cap is $1.4 billion. This market cap is made up of a 1.1X multiple on AOL's Internet Access business revenues plus AOL's $400 million in cash.
What this means is that, in the market's opinion, the companies acquired by AOL are no longer worth $667 million on the aggregate. In the market's opinion, they are worth $0.
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