‘Saved My Family’: After Losing Millions, Lance Armstrong Was Saved By an Early Investment in This Multi-Billion Dollar Company

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.

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.

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.

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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”.

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.

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