Disgraced cyclist turns to Uber to avert crisis
DISGRACED cycling star Lance Armstrong has revealed an early investment in taxi app Uber saved his family from financial ruin.
The father of five, who was exposed as a drugs cheat and stripped of his Tour de France titles, said about $140,000 of his money was invested in the company in 2009 via a venture-capital fund. At the time, Uber was valued at just under $5.3 million but it is now thought to be worth as much as $166 billion.
Armstrong, 47, said the cash he made from Uber kept him on his feet because he lost sponsorship deals and faced a number of lawsuits over the doping scandal.
He told the US CNBC channel that he had not known at the time that his money had been bet on the tech firm, but the return had been ‘‘too good to be true’’.
Armstrong, who is thought to have paid about $35 million in damages and settlements, said that it saved his family.
Uber itself has been hit by scandals over the behaviour of drivers and vicious campaigns against rivals.