Ex-Uber CEO buys real estate company
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 repurposed for the digital era," Kalanick wrote in a tweet announcing the acquisition.