Uber rides to rescue Armstrong
FORMER cycling champion Lance Armstrong, whose fall from grace cost him millions of dollars in lawsuits and endorsements, said his investment in Uber Technologies Inc. had saved his family, according to a CNBC report.
Armstrong, who was stripped of his seven Tour de France titles and banned for life from the sport for doping, gave $US100,000 ($A138,250) to a venture capital fund that invested in the ride-hailing company around 2009, the report said. “It’s saved our family,” Armstrong told CNBC.
Armstrong said in the interview he was not aware that he was investing in Uber, which at the time was worth $US3.7 million ($A5.1 million).
Uber, which is preparing to go public next year, could be valued at $US120 billion ($A166 billion) according to proposals made by US banks bidding to run the offering.
Armstrong did not disclose how much his investment in Uber is currently worth, saying “it’s a lot more” and “it’s too good to be true”.
When asked by the interviewer if he had made “10, 20, 30, 40 or $50 million”, Armstrong replied: “It’s one of those. It’s a lot, it’s a lot.” Armstrong won the Tour de France a record seven times.