Guess who’s getting into real estate investment? Travis Kalanick
The ex-CEO and co-founder of Uber announced his new fund via Twitter
Batten down the hatches: Travis Kalanick is getting into real estate and it’s sure to be a wild ride.
The co-founder and ex-Uber CEO announced the launch of his new investment fund that will handle his for-profit and non-profit ventures earlier this week and singled out a few industries, which included real estate, according to the Wall Street Journal.
The fund, called 10100, as in “ten one-hundred,” will manage Kalanick’s personal wealth, which is estimated by Forbes to be just below $5 billion. Its unclear whether he plans on taking external money.
Before the wild success of Uber, and Kalanick’s fall from grace as he was ousted from the company in June last year, Kalancik was involved in a string of businesses he founded. Here’s a look at how two of them fared with his hand at the helm, as reported by Business Insider.
The peer-to-peer search engine Kalanick dropped out of UCLA to found alongside classmates Michael Todd and Vince Busam ended in Chapter 11 bankruptcy after lawsuits to the tune of $250 billion were lodged against the start-up. Side note: Kalanick was receiving unemployment payments throughout his time working on the venture.
Kalanick co-founded the networking-software company with Michael Todd, however ran into trouble for reinvesting employees’ income taxes into the company. To keep the start-up going Kalanick had to move back in with his parents, but ultimately sold the company for $23 million to Akamai in 2007.
Then, in late 2008, the idea for Uber was born and the rest, as they say, is history. [WSJ, Business Insider] — Erin Hudson