Former Uber boss Kalanick buys real estate firm, installs himself as CEO

Travis Kalanick, co-founder and former chief executive officer of Uber Technologies Inc., exits the Phillip Burton Federal Building and U.S. Courthouse in San Francisco, California, U.S., on Wednesday, Feb. 7, 2018. , David Paul Morris/Bloomberg

Eric Newcomer, Bloomberg News

Mar 21, 2018

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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 US$150 million and installing himself as CEO.

The investment represents roughly 10 per cent of his liquid wealth. Kalanick sold US$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 US$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.