NEW YORK – Former Uber CEO Travis Kalanick, who was essentially ousted from the helm of the company he created, announced Tuesday that he is now leading a real estate startup.
Through his investment fund known as 10100 (pronounced ten-one-hundred), specifically a $150 million backing, Kalanick took control of City Storage Systems (CSS) and was named CEO.
The holding company is “focused on the redevelopment of distressed real estate assets particularly in the areas of parking, retail and industrial,” according to Kalanick’s own description.
Kalanick argues that this is a bright investment because there are allegedly more than $10 trillion worth of real estate assets that are ready to be utilized by the next generation of digital technology.
Kalanick reportedly sold29 percent of his Uber shares earlier in the year, potentially increasing his net worth by $1.4 billion. He is apparently using that newfound tangible wealth — which was connected to a transaction between Uber and Softbank Group, a highly influential Japanese corporation — for other endeavors outside the ride-sharing sphere, like CSS.
The investment firm, after all, is “home to my passions, investments, ideas and big bets,”accordingto the official site.
Kalanick was effectively pushed out as CEO of the company following a number of apparent missteps and embarrassments for the company. It’s not exactly clear if the stock dump was also forced, but Kalanick doesn’t seem too upset about it after somewhat quickly finding projects to back.
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