‘Saved My Family’: After Losing Millions, Lance Armstrong Was Saved By an Early Investment in This Multi-Billion Dollar Company
Follow Us
In the prime of his career, Lance Armstrong was a household name across the globe. After all, he was a hero, and his story inspired millions.
Armstrong battled against cancer to emerge victoriously and went on to compete in the grueling Tour de France. In fact, the American cyclist dominated the annual bicycle race by winning it a record seven times.
Alas, after his retirement, when he admitted to the use of performance-enhancing drugs, the International Cycling Union stripped him of all his titles.
ADVERTISEMENT
Article continues below this ad
How did the doping controversy affect Lance Armstrong and his net worth?
Lance Armstrong was certainly one of the most decorated cyclists in history. With an Olympic bronze medal and seven Tour de France titles to his name, he was a cycling hero over the world.
However, throughout his career, he was caught up in controversy around performance-enhancing drugs. In the end, two years after his retirement in 2011, Armstrong went on and admitted to having used PEDs during his career.
Trending
Bronny in Deep Waters as $800,000 Suffering Forces LeBron James’ Son to End College Career With Major Declining Numbers
April 27, 2024 01:45 PM EDT
Exclusive: Michael McDowell Reportedly the “Snitch” Who Got NASCAR Team Kicked Out at Talladega
April 26, 2024 07:44 PM EDT
Struggling Richard Childress Camp Warned of Kyle Busch’s Wrath by HMS Legend
April 27, 2024 06:58 PM EDT
Lakers Advised To Terminate LeBron James’ $99 Million Contract, a Move That Could Save His Legacy
April 28, 2024 06:14 AM EDT
Another Loss for Sha’Carri Richardson, Faces Defeat to Great Britain’s Olympian at Shanghai Diamond League
April 27, 2024 02:12 PM EDT
Get instantly notified of the hottest stories via Google! Click on Follow Us and Tap the Blue Star.
Follow Us
Did Uber make Lance Armstrong a billionaire? He says it “saved” his family pic.twitter.com/eB38wp6WPh
— Bloomberg Quicktake (@Quicktake) December 8, 2018
Armstrong did so on the Oprah Winfrey Show. At the time, Lance Armstrong was tied with many global brands, including Nike, Oakley, and Discovery. Consequently, in the prime of his career, Lance had been worth around $125 million.
However, due to the scandal that broke out following Armstrong’s confession, he lost most of his sponsors. Thus, his net worth at the time took a huge dip. Despite that, Armstrong remained afloat due to an intelligent investment he had made years prior.
Body Won’t Keep Up: Lance Armstrong Reflects on Stepping Away From Professional Cycling
In 2009, Lance had invested $100,000 into Uber, which had been an upcoming company, founded the same year. Now, with the company valued at around $120 billion today, it is clear that it was Uber that saved Lance Armstrong and kept him afloat. In fact, it contributed a hefty chunk of $20 million to Lance Armstrong.
Uber investment saved Armstrong’s family
Lance’s fall from grace cost him millions of dollars in fines, settlements, and lost endorsements. Talking to CNBC, Lance Armstrong admitted how it was his initial $100,000 investment in Uber that kept his family afloat.
Now, even though Armstrong wouldn’t reveal the exact amount he got back from his investment, he did say that the number was “too good to be true”.
ADVERTISEMENT
Article continues below this ad
Here's how much Lance Armstrong made on his early Uber investment.https://t.co/Tf1g4KQTGi
— Bloomberg (@business) December 8, 2018
ADVERTISEMENT
Article continues below this ad
However, had Armstrong’s case gone to trial, he would have lost around $100 million to the federal government in damages. Thankfully for the 50-year-old, he reached a $5 million settlement, which made the total of his damages and fines for doping around $25 million.
WATCH THIS STORY: From His Music Festival Company to Heart Disease: Five Unknown Facts About Shaun White