After Lance Armstrong was faced with several challenges, costing him millions of dollars in lost endorsements and lawsuit settlements, one thing managed to keep him on his feet: his investment in Uber. “It’s saved our family,” Armstrong told CNBC’s Andrew Sorkin in an interview aired on Thursday.
The former pro cyclist invested $100,000 in Chris Sacca’s nascent venture capital firm, Lowercase Capital, in 2009. According to Armstrong, the bulk of the money went towards Uber, which was valued at the time for $3.7 million. Now, as the company prepares for its IPO, banks are valuing Uber at as much as $120 billion.
At the time he invested in Sacca’s firm, Armstrong said, “I didn’t even know that he did Uber. I thought he was buying up a bunch of Twitter shares from employees or former employees, and the biggest investment in [the] Lowercase fund one was Uber.”
Armstrong declined to disclose exactly how much his investment turned into, though he did say the number is “too good to be true.”
In addition to losing lucrative endorsements, Armstrong paid millions in settlements after it became known that he was doping to improve his performance. CNBC reports that he confessed to the doping in a 2013 interview with Oprah Winfrey.
Armstrong managed to avoid one of the most costly of lawsuits with a $5 million settlement announced in April. The federal government could have potentially sought up to $100 million in damages, if the suit went to trial. He previously paid more than $20 million in damages and settlements across a series of lawsuits, according to the Guardian.