Heroes rather ever fall as far from grace as cyclist Lance Armstrong, whose reputation was perhaps irrevocably tarnished due to the sport-wide doping scandal (and his handling of it) that cost him much more than just his reputation in lost endorsement deals and legal settlements. In a recent CNBC interview, Armstrong revealed how he managed to stay financially afloat through it all. He emphasized the significance of an early investment in rideshare company Uber, stating, “It saved my family.”
Armstrong's story began in 2009 when he invested $100,000 in a venture capital firm called Lowercase Capital, led by Chris Secca. Interestingly, most of that investment went into Uber. Armstrong admitted, “I didn’t even know that he did Uber. I thought he was buying up a bunch of Twitter shares from employees or former employees, and the biggest investment in [the] Lowercase fund one was Uber.” This revelation showcases the unpredictable nature of investments and how they can shape one's financial future.
Despite the scandal that followed his cycling career, which led to him paying a hefty $5 million settlement to the US government, Armstrong's early bet on Uber has turned out to be a possible lifesaver. He has kept the exact worth of his investment under wraps, but he mentioned that it is “too good to be true,” raising questions about how much profit he might have gained from it. The company was valued at approximately $3.7 million at the time of his investment but has skyrocketed to an estimated $120 billion today.
| Detail | Information |
|---|---|
| Name | Lance Armstrong |
| Date of Birth | September 18, 1971 |
| Nationality | American |
| Sport | Cycling |
| Notable Achievement | Seven-time Tour de France champion |
| Controversy | Doping scandal |
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