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Uber ex-chief buys real estate company and plans to run it as CEO
Travis Kalanick, Uber's former chief executive, has found a new ride after exiting the ride-sharing company in June, acquiring a controlling stake in real estate company City Storage Systems for $150m.
The new company he will run redevelops distressed retail, parking and strip mall real estate assets.
Kalanick announced the acquisition on Twitter, saying: "There are over $10 trillion in these real estate assets that will need to be repurposed for the digital era."
He also offered two examples of CSS services, including CloudKitchens, providing services for food-delivery startups; and CloudRetail, which supports online retailers via a range of other services.
According to Bloomberg, the investment amounted to just 10% of his total liquid wealth.
The entrepeneur recently also launched his new fund called 10100, which was backed by his profits from selling his Uber shares; in fact, CSS was the fund's first investee.
Kalanick had already taken on 15 staff for his new firm and was in the midst of selecting more fresh talent.
The new company he will run redevelops distressed retail, parking and strip mall real estate assets.
Kalanick announced the acquisition on Twitter, saying: "There are over $10 trillion in these real estate assets that will need to be repurposed for the digital era."
He also offered two examples of CSS services, including CloudKitchens, providing services for food-delivery startups; and CloudRetail, which supports online retailers via a range of other services.
According to Bloomberg, the investment amounted to just 10% of his total liquid wealth.
The entrepeneur recently also launched his new fund called 10100, which was backed by his profits from selling his Uber shares; in fact, CSS was the fund's first investee.
Kalanick had already taken on 15 staff for his new firm and was in the midst of selecting more fresh talent.
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