How much did Lance Armstrong make off Uber?
By Jayson Panganiban May 07, 2024 05:55
Lance Armstrong, a former professional cyclist, made a significant investment in the ride-sharing startup Uber in 2009, which later proved to be a pivotal financial move for him.
Despite his controversial history in the sporting world, Armstrong's investment in Uber turned out to be immensely profitable, contributing to his financial recovery after facing legal and financial challenges.
The Uber Investment
In 2009, Lance Armstrong invested $100,000 in Chris Sacca's Lowercase Capital, which subsequently invested in Uber when the company was valued at $3.7 million.
This investment proved to be a turning point in Armstrong's financial trajectory, as Uber's rapid growth and success resulted in considerable returns for its early investors.
Profit from Uber Investment
As of the latest evaluations, Uber's net worth stands at a staggering $56.84 billion, solidifying its position as one of the world's largest startups. Lance Armstrong's initial investment of $100,000 yielded a substantial profit of $20 million, as confirmed by Bloomberg's calculations.
Despite the challenges he faced, Armstrong's trust in Chris Sacca's investment advice ultimately led to a profitable outcome, significantly contributing to his current net worth of $50 million.
Impact on Armstrong's Financial Recovery
After facing the repercussions of his doping scandal and the subsequent loss of lucrative endorsements, Lance Armstrong's investment in Uber played a pivotal role in stabilizing his financial situation.
The $20 million return from his Uber investment provided Armstrong with the means to overcome his financial adversity and secure his family's future.
Armstrong's Post-Cycling Ventures
Apart from his investment in Uber, Lance Armstrong has been involved in other profitable ventures. He established a media organization called WEDU, which produced successful podcasts such as The Move and The Forward.
On top of that, his company organizes challenging bike races in Texas and Colorado, and is engaged in the online sale of cycling merchandise. These ventures, coupled with the Uber investment, have contributed to Armstrong's financial resurgence.
On the whole, Lance Armstrong's investment in Uber has been a remarkable success story, enabling him to navigate the challenges he faced after the end of his cycling career.
The $20 million return from his $100,000 investment in Uber stands as a testament to the impact of strategic investment decisions.
Despite the controversies surrounding his career, Armstrong's financial acumen and investment in Uber have significantly contributed to his current net worth and financial stability.
His investment in Uber has proven to be a turning point in his post-cycling career, demonstrating the potential for strategic investments to drive financial recovery and stability even in the face of adversity.
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