Travis Kalanick, the controversial co-founder and one-time chief executive of Uber, is launching a new investment fund “ve called the” 10100 Fund.
According to an announcement on his Twitter account, the new money is concentrated in “large-scale job creation.”
Investment areas are to include real estate, e-commerce and emerging innovations in China and India.
It’s the systematization of run that Kalanick had been conducting softly with boards , nonprofits and through investments in young companies.
It’s likely that Kalanick will invest in startups in that magic number between 10 and 100 employees( the magical growth stage for startup companies ).
We’ve reached out to Kalanick for comment and will update this once we hear back.
One user on Twitter pointed out that Kalanick might want to rethink the name of the new money. While the term resonates in startupland — among truckers the term entails something entirely different.
Whatever the brand, Kalanick now has a lot of fund at his disposal to play around with.
If the reports were accurate, Kalanick was up to sell nearly one-third of his ownership posture in the ridesharing giant he built. Given the SoftBank Group valuationof $48 billion for Uber( a huge discount from its last fundraising valuation )~ ATAGEND, that would mean the 29 percent stake that Kalanick was looking to sell would be worth about $1.4 billion.
Kalanick resigned from Uber last June but remains on the company’s board of directors and held a 10 percent stake in the ridesharing company.
As we noted in our initial reporting, Kalanick stands to become a billionaire if the sale goes through, but the bargain also is notable because he claimed during the Vanity Fair New Establishment Summit in October 2016 that he has never sold a single Uber share, even though he was still paying the mortgage on his home.
Kalanick has gone through a bumpy year in 2017. Uber was rocked by sexual harassment allegations, suits over intellectual property stealing and Justice Department investigations. The Uber co-founder also had to endure personal misfortune, as well.
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