How much is Lance Armstrong worth?
|Net Worth:||$559 Million|
|Date of Birth:||September 18, 1971|
|Country:||United States of America|
Who Is Lance Armstrong
No story of an athlete ever went from a heroic tale to a sordid story like Lance Armstrong’s did. Nobody in the US ever cared about the Tour de France, but after Armstrong recovered from cancer and went on to win the Tour de France seven years in a row, he became an American hero. Armstrong was known as the greatest competitive cyclist of all time, scored dozens of sponsorship deals, and made millions of dollars in prize money over his career. But in 2013, he was accused of cheating by taking performance enhancing drugs and many of his titles were stripped from him, financially leaving him with only his lucrative investment in Uber.
Lance Armstrong’s net worth peaked at $125 million in the 2010s before plummeting through lawsuits and legal costs. Fortunately, through wise investments, Lance Armstrong is worth at least $50 million dollars as of 2020.
How Did Lance Armstrong Get So Rich?
In his peak, Armstrong was making $20 million per year from endorsements and sponsorships. And though his charitable foundation LiveStrong didn’t directly benefit him financially, as it’s a non-profit foundation, it massively broadened Armstrong’s brand and enhanced his marketability, helping him get other jobs. From this he was hired for spokesman duties for several companies. After the success of LiveStrong, Armstrong had a star factor that was unrivaled in cycling and even more famous athletes struggled to keep up with him.
Though he made most of the money after he recovered from cancer, Armstrong has famously lost $75 million due to the scandal, having to return not just medals, but prize money too. He was also sued by many of his previous sponsors, lost his deal with Nike, and was dropped from his own foundation, LiveStrong. Luckily, Armstrong was one of the early investors of the phone app, Uber, investing $100,000 through venture capitalist Chris Sacca in 2009. The app has been valued from anywhere between $30 – $120 billion, and Armstong’s investment is now currently valued at $30 million according to Bloomberg. If it wasn’t for this investment, the athlete wouldn’t have half as much money as he does now, as the $30 million is the majority of Armstrong’s current net worth. The athlete has claimed that his investment in Uber saved his family.
Why Is He So Famous?
Armstrong had many wins under his belt before he was truly world famous, but in 1996 when he announced he had cancer was when the cyclist became known as well as the likes of globally famous basketball players and football players. As the cancer got stronger and the tumors started to move to his brain, Armstrong only had a 40% chance of survival, even having to undergo brain surgery. However, after a year of chemotherapy, Armstrong beat the cancer and he became a national treasure, getting straight back on the horse (or the bike), immediately winning competitions and drawing much more attention to competitive cycling than it ever had before.
After he beat cancer, Armstrong founded a charitable foundation called LiveStrong, which made over $300 million for cancer research. Armstrong signed a special deal with Nike, who designed a yellow gel wristband with the word LiveStrong’ scrawled across it. Millions of people across the world helped raise awareness for cancer by wearing them, with an incredible 80 million units reportedly sold.
Though he won dozens of competitions after beating cancer, Armstrong is most famous for coming first in the Tour de France seven years in a row. The Tour de France is the most prestigious and difficult cycling race in the world that spans 23 days. Though Armstrong spent much of his time in retirement calling people who accused him of doping liars, he finally admitted that he was taking performance enhancing drugs the whole time. Armstrong mostly used EPO, a performance enhancing drug he started using after he recovered from testicular cancer, and after he admitted this in a two-hour long interview with Oprah Winfrey, he was stripped of seven of his Tour de France titles and was banned from competitive cycling for life.
If you really want to get the inside story on Lance Armstrong then watch this JRE episode where he lays it down straight, with Joe Rogan.
On top of his cycling career, Armstrong is also known for his cameos in the cult classic movies Dodgeball and You, Me, and Dupree, and he is the primary subject of two documentaries released in the aftermath of the doping scandal, The Armstrong Lie and Stop at Nothing – The Lance Armstrong Story. In 2015, The Program, a biopic of Armstrong’s cycling career, was released starring Ben Foster, Chris O’Dowd, and Dustin Hoffman.
What Makes Armstrong So Successful?
Everybody loves a dramatic story, which is what helped Armstrong get support from around the world. Though it was devastating at the time, Armstrong’s trouble with cancer is what awarded him so many fans and what opened up doors with dozens of endorsement deals behind them. Armstrong was literally on death’s door, and after beating cancer, people wanted to back him because he embodied hope, and with his charisma he was somebody who people could stand behind.
Though his legacy has been completely tarnished due to his use of performance enhancing drugs, it could be argued that he is still the greatest cyclist of all time, as all of his competitors were also taking the same drugs too. His endurance, working ethic, and striving to be the best is what helped him beat out everyone else in the world’s hardest cycling route for seven consecutive years. Though he was doping, so was everyone else, meaning it was still a level playing field.
When it was revealed that Armstrong had lied to the whole of America after the doping scandal, it seemed like it was all over for the cyclist. But whether you want to chalk it down to luck or business smarts, Armstrong made the risk of investing in Uber when it was valued at just $3 million dollars, which is usually hardly worth an investment. It’s more likely to be the latter, as Armstrong has a long history of making great business decisions.
Though Armstrong once had an estimated net worth of $125 million owed to his success in competitive cycling, winning prize money and scoring top level endorsements, his net worth has dropped significantly to $50 million. However, that’s still nothing to sniff at, and it would be a lot less if it wasn’t for his investment in Uber. Even though Armstrong has been given a life ban in competing in cycling competitions, he is undoubtedly tied to the sport, just like Tony Hawk is to skateboarding. Armstrong is more famous than any other cyclist, and he will always be remembered for winning the Tour de France seven times in a row.