Travis Kalanick acquiring company that rehabs real estate and will become CEO

Former Uber CEO Travis Kalanick is making moves. According to a report from Recode, Kalanick is acquiring a startup called City Storage Systems. THeir focus is to repurpose distressed real estate assets like abandoned strip malls and parking lots and turn them into spaces that’s welcoming to new industries, such as online retail and food delivery businesses.

According to a source, Kalanick will become to new CEO of the company and is investing $150 million into the 15-person startup. The amount will buy out most of the existing outside investors, including previous backers like venture capitalist Chamath Palihapitiya, whose Social Capital led the company’s most recent financial round.

Due to buying out most of the existing investors, Kalanick will not have controlling interest in the holding company. Another investor that’s involved is Sky Dayton, according to a tweet. Kalanick says that two of his businesses focuses are to buy and repurpose real estate assets in the food and retail space.

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

Hamza Khalid

Hamza Khalid is the Lead Editor at The Jolt Journal. You're more than welcome to follow him on Twitter and follow The Jolt Journal on Twitter and Facebook. If you have any questions, concerns, or need to report something in this article, please send our team an email at [email protected]. This story may be updated at any time if new information surfaces.

At The Jolt Journal, no one tells us what to write or how to write it. This is why, in the era of lies and bias, readers turn to an independent source. Rest assured, all information on our website is free of any bias or influence. If you see anything wrong with a story, please don't hesitate to reach out. We do our very best to report on the latest available information.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.