NEW YORK — AOL Inc. chief executive Tim Armstrong on Thursday said the newly independent Internet company has a “bright future” after its shares debuted on the New York Stock Exchange, following its official separation from media giant Time Warner Inc.
The split marks a new beginning for both companies as they seek to shed the stigma of their ill-fated 2000 merger, one of the worst deals in corporate history and a symbol of the excess that gripped the U.S. stock market in the dot-com era.
AOL shares slid after opening at $23.39 but closed at 23.52, down 15 cents. The stock was volatile in pre-market trading, trading between $21 and $23.48. Shares began trading on a “when-issued” basis Nov. 24.
“I haven’t looked at it since I’ve been so busy,” Armstrong said when asked on a conference call with reporters if he was disappointed with the stock’s performance.
