Uber rides to res­cue Armstrong

NT News - - SPORT -

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.

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