Former Uber CEO Wanted To Lead A Company So Badly, He Bought A Startup And Installed Himself As Leader
SAN FRANCISCO, CA – FEBRUARY 6: Former Uber CEO Travis Kalanick leaves the Philip Burton Federal Building after testifying on day two of the trial between Waymo and Uber Technologies on February 6, 2018 in San Francisco, California. Waymo, an autonomous car subsidiary owned by Google's parent company Alphabet, has accused Uber of theft of trade secrets relating to its self-driving vehicle development. Waymo alledges one of its former employees, Anthony Levandowski, illegally downloaded 14,000 confidential documents before leaving to start his own self-driving car company, Otto, which was acquired shortly thereafter by Uber for a reported $680 million. (Photo by Elijah Nouvelage/Getty Images)
12:55 PM 03/21/2018
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 state 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.
My new gig… pic.twitter.com/vpD528cdyf
— travis kalanick (@travisk) March 20, 2018
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. (RELATED: The Race To 5G Technology: How America Could Lose Out On The Next Biggest Thing)
Kalanick reportedly sold 29 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,” according to 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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