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Lance Armstrong Takes Stake in Mobli Social Networking Company

Jan. 30 (Bloomberg) -- Lance Armstrong, who won the Tour de France a record seven times, took a stake in Mobli Inc., an operator of a video social networking site.

The retired cyclist also will use Mobli to post videos of his training as well as the Lance Armstrong Foundation, a nonprofit group run by the cancer survivor.

Closely held Mobli hasn’t gotten any money from venture capital companies, outside spokeswoman Shelley Reinstein said. Armstrong has more than 3 million followers on the Twitter social network. The 40-year-old athlete has taken a stake in Mobli that is smaller than one owned by actor Leonardo DiCaprio, who was part of a $4 million investment in the company, Reinstein said.

Reinstein said Armstrong would use the site to announce news in the next several days.

Bill Stapleton, Armstrong’s agent, and Northwestern University professor Andrew Rezeghi will join Mobli’s board of advisers, the company, based in New York, said today in a PRNewswire statement. Mark Fabiani, an Armstrong spokesman, confirmed the equity stake, but declined to give details.

The New York Post reported Armstrong’s investment this morning.

To contact the reporter on this story: Christopher Elser in London at celser@bloomberg.net

To contact the editor responsible for this story: Christopher Elser at celser@bloomberg.net

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