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Lance Armstrong has recommendation for President Trump: Negotiate a cap in your authorized charges

Before the sinking: Lance Armstrong is cheered on by the crowd during the Champs Elysees in Paris on July 25, 1999.

Patrick Kovarik | AFP | Getty Images

Ashamed former professional cyclist Lance Armstrong told CNBC that he had advice for Donald Trump and said the president should "somehow negotiate a cap on his legal fees at this point."

Armstrong was given a life-long ban on all sports that follow the World Anti-Doping Code in 2012 after it was found out he was using performance-enhancing drugs for cyclists. Seven consecutive Tour de France titles have been revoked.

Armstrong reportedly agreed to pay $ 5 million to the federal government in April 2018 to avoid a $ 100 million lawsuit. As part of that deal, he paid $ 1.65 million to his former teammate and whistleblower Floyd Landis.

Lance Armstrong did a lot of damage to himself last night. Lawsuits and failures will follow.

Donald Trump in 2013 after Armstrong confessed to doping

Armstrong denied doping allegations until an interview with Oprah Winfrey in 2013. The interview prompted then-businessman Donald Trump to tweet: "Lance Armstrong did great harm last night. Lawsuits and failures will follow."

Trump could face his own legal battle after a New York Times investigation found the president paid very little taxes over the past decade.

A White House spokesman was not immediately available to comment.

Regardless, speaking of the upcoming US presidential election, Armstrong said of last week's first debate between President Trump and the Democratic candidate and former Vice President Joe Biden, "I just don't think this is the best America has . "

Armstrong criticized Trump's handling of the coronavirus pandemic, saying, "I don't think he's doing a great job."

He added that Trump "has a real disdain for the media, but I appreciate that too."

Pandemic & # 39; silver lining & # 39;

Armstrong's venture capital firm Next Ventures invests in companies in the health and wellness industries. He raised just $ 24.5 million out of an expected $ 75 million in 2019, but told CNBC that the pandemic could benefit his fund.

Covid-19 "has been a silver lining for us as a fund in many ways," he said. "It is not just American society but all societies being forced to reset their health and well-being."

Armstrong is no stranger to the startups world, an early investor in Uber who raised $ 100,000 in 2009 when the company was valued at just $ 3.7 million.

In 2018, Armstrong told CNBC that its Uber investment "saved" his family after he was forced to pay millions in settlements over his doping scandal.

Bicycle for Beirut

The former professional cyclist spoke to CNBC from Dubai during a trip to the region to raise funds for the victims of the massive explosion that struck the port of Beirut in August. The disaster killed 193 people and caused billions in damage.

Dozens of cyclists took part in Bike for Beirut, a bike tour through the city center. Beirut was hit by an economic crisis even before the explosion.

"The consensus is that they are not hopeful," said Armstrong.

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