Lance Armstrong says his investment in Uber 'saved our family'
- Lance Armstrong was an early investor in Uber. He invested $100,000 through venture capitalist Chris Sacca around 2009 when the company was valued at only $3.7 million.
- Today, Uber could be worth as much as $120 billion, according to banks readying the company for its IPO next year.
- Armstrong did not disclose how much his investment is now worth, but in an interview with CNBC said the investment has "saved" his family after being forced to pay millions in settlements over his doping as an elite cyclist.
After Lance Armstrong's fall from grace cost him millions of dollars in lost endorsements and lawsuit settlements, one thing kept him on his feet: his investment in Uber.
"It's saved our family," Armstrong told CNBC's Andrew Sorkin in an interview aired on Thursday. In 2009, the former pro cyclist invested $100,000 in Chris Sacca's nascent venture capital firm, Lowercase Capital. Armstrong said the bulk of the money went to Uber, which at the time was valued at just $3.7 million. Today, as the company prepares for its IPO, banks have valued Uber at as much as $120 billion.
At the time he invested in Sacca's firm, Armstrong said, "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."
Armstrong declined to say how much his investment has turned into, but said the number is "too good to be true." In addition to losing lucrative endorsements, Armstrong has had to pay millions in settlements after it became clear the athlete was doping to improve his performance. In a 2013 interview with Oprah Winfrey, he confessed to the doping.
Armstrong dodged the most costly of lawsuits with a $5 million settlement announced in April. The federal government could have sought up to $100 million in damages had the suit gone to trial. He had previously paid over $20 million in damages and settlements across a series of lawsuits, according to the Guardian.
The latest Covid variant is 1.5 times more contagious than omicron and already in half of U.S. states
Jim Cramer's advice for young investors who want to build wealth in the stock market
Pentagon leaders warn of a horrific aftermath if Russia invades Ukraine
Cramer's week ahead: Have your buy list ready for any 'hideous moments'
The value of Warren Buffett's Apple investment just went up by $9.8 billion in less than a day