Travis Kalanick buys real estate company, takes CEO reins
Travis Kalanick says he’s buying a controlling stake in a distressed real estate company called City Storage Systems for $150 million and installing himself as CEO
San Francisco: After getting kicked out of the chief executive officer job at Uber Technologies Inc. in June, Travis Kalanick is getting back in the saddle.
Kalanick said Tuesday he’s buying a controlling stake in a distressed real estate company called City Storage Systems for $150 million and installing himself as CEO.
The investment represents roughly 10% of his liquid wealth. Kalanick sold $1.4 billion worth of Uber shares as part of SoftBank Group Corp.’s investment in the ride-hailing company in January. The real estate deal comes from Kalanick’s new fund, called 10100.
City Storage Systems redevelops distressed retail, parking and industrial real estate. “There are over $10 trillion in these real estate assets that will need to be re-purposed for the digital era,” Kalanick wrote in a tweet announcing the acquisition. Bloomberg
Editor's Picks »
- India’s renewable energy sector hits a milestone but loses speed
- All eyes now on share swap ratio in this mega bank merger
- Jet Privilege can actually get higher valuation than Jet Airways
- Profitability of cement firms to take a hit due to weak prices, high costs
- Pidilite’s shares hold their ground despite weak rupee and rising crude