Armstrong battled against cancer to emerge victoriously and went on to compete in the grueling Tour de France. In fact, the American cyclist dominated the annual bicycle race by winning it a record seven times.
Throughout his career, he was caught up in controversy around performance-enhancing drugs. In the end, two years after his retirement in 2011, Armstrong went on and admitted to having used PEDs during his career.
Due to the scandal that broke out following Armstrong’s confession, he lost most of his sponsors. Thus, his net worth at the time took a huge dip.
Lance’s fall from grace cost him millions of dollars in fines, settlements, and lost endorsements. Talking to CNBC, Lance Armstrong admitted how it was his initial $100,000 investment in Uber that kept his family afloat.
A thankful settlement of Armstrong
Armstrong’s case gone to trial, he would have lost around $100 million to the federal government in damages. Thankfully for the 50-year-old, he reached a $5 million settlement, which made the total of his damages and fines for doping around $25 million.
