Ex-Uber CEO Launching Real Estate Startup

Published on: 21 Mar, 2018

Former Uber Technologies Inc. Chief Executive Officer and Founder, Travis Kalanick announced via Twitter Inc. (NYSE: TWTR) that he will investing $150 million to take a stake in City Storage Systems. Once the transaction closes, Kalanick will become CEO of the company.

Kalanick was ousted last year from Uber after investors pressured him to resign due to poor public relations after multiple repeated scandals. Although Kalanick resigned from Uber, he still held a position on the Board of Directors before shareholders wanted him off.

Kalanick is taking his stake in CSS through his investment venture firm, 10100. Kalanick said in his tweet that the firm is mainly focused on real estate investments.

CSS is a holding company focused on redevelopment of distressed real estate assets, mainly parking, retail and industrial.

Kalanick says the main interests are CSS initiatives: CloudKitchens and CloudRetail. The two focus around real estate acquisitions and development for food and retail service industries.

“There are over $10 trillion in these real estate assets that will need to be re-purposed for the digital era in the coming years,” he tweeted.

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Danny Abramov

Email: danny@financialinsiders.com

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