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Welcome to Gran Fondo USA >> Here's How Much Lance Armstrong Made on Early Uber Investment

Here's How Much Lance Armstrong Made on his Uber Investment

After paying out around $111 million dollars in legal fees and settlements Lance Armstrong said his early investment in Uber has ‘saved’ his family

Under increasing pressure Lance Armstrong who had been stripped of his seven Tour de France victories, finally admitted doping in 2013 on the Oprah Winfrey show effectively ending his career. Armstrong reporting that he'd lost over $200 million in sponsorship income.

In the good years, Armstring invested money into all manner of companies and funds. An investment in a venture capital fund that bought into Uber Technologies Inc. saw him state this week it was “too good to be true,” and saved our family.

The interview sparked reports that Armstrong could be sitting on a huge million dollar stake in the startup.

In 2009 Armstrong invested $100,000 in Chris Sacca’s newly started Lowercase Capital. One of the firm’s bets was on the ride-hailing startup that was then valued at $3.7 million.

Uber is due to go public next year at a valuation of as much as $120 billion, bankers at Goldman Sachs and Morgan Stanley have estimated.

The Lowercase fund has returned between 250 times and 300 times it intial investment, meaning Armstrong’s investment would be worth as much as $30 million at the top of that range. After deducting for fees, its probably cleared about $20 million.

“I invested in Chris Sacca,” Armstrong said in an interview. “I didn’t even know he did Uber.”

Armstrong, who won the Tour de France seven times in a row from 1999 to 2005, was stripped of the titles in August 2012. He admitted in a January 2013 television interview with Winfrey that he’d used a “cocktail” of testosterone, erythropoietin and blood transfusions throughout his career.

Photo: Lance Armstrong $20 million dollars better off, thanks to UBER

Lance Armstrong $20 million dollars better off, thanks to UBER

 
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