Disgraced former Uber head Travis Kalanick has launched an investment fund with the primary objective of creating jobs. More specifically the fund will be investing in real estate, e-commerce, and emerging innovation in China and India and the emphasis will be on ‘large-scale jobs’.
“Over the past few months I’ve started thinking about what’s next,” he posted on his blog. “I’ve begun making investments, joining boards, working with entrepreneurs and non-profits. Today I’m announcing the creation of a fund called 10100 (pronounced ten-one-hundred) home to my passions, investments, ideas and big bets. It will be overseeing my for-profit investments as well as my non-profit work.”
It’s not clear how well-funded this new employment vehicle is but Kalanick got an estimated $1.4bn when he sold off his Uber stake. What also remains unclear is what he means by ‘jobs’ – if it’s the gig economy type, that’s stretching the definition of employment as one-third of Uber drivers actually lose money working for the company, according to a new study.