{"id":42720,"date":"2019-12-27T08:10:42","date_gmt":"2019-12-27T13:10:42","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=42720"},"modified":"2019-12-27T01:52:17","modified_gmt":"2019-12-27T06:52:17","slug":"uber-technologies-inc-nyseubers-ousted-ceo-and-founder-travis-kalanick-will-focus-on-kitchens","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/uber-technologies-inc-nyseubers-ousted-ceo-and-founder-travis-kalanick-will-focus-on-kitchens-42720","title":{"rendered":"Uber Technologies Inc (NYSE:UBER)\u2019s Ousted CEO And Founder \u2013 Travis Kalanick Will Focus On Kitchens"},"content":{"rendered":"<p>Travis Kalanick, the founder and ousted Chief Executive Officer of <strong>Uber Technologies Inc (NYSE:UBER)<\/strong>, will step down from the board of directors. He has sold all the shares in two months and mobilized $2.7 billion. Travis said Uber is part of his life for the past decade. It is now time for him to focus on philanthropic pursuits and current business because the company has gone public.<\/p>\n<p><strong>Working on kitchens<\/strong><\/p>\n<p>Considering his recent activities, Travis would be working on commercial cooking spaces that are optimized for food delivery. It is similar to WeWork of Uber. The delivery only cooking spaces are less risky and easy to operate than traditional dining establishments. They require less investment. It has gained popularity in China, but in a nascent stage in Europe and the US.<\/p>\n<p><strong>Controlling stake in City Storage Systems<\/strong><\/p>\n<p>Travis invested $150 million to acquire a controlling stake in City Storage Systems, a Los Angeles based entity, and the parent company of CloudKitchens in March 2018. Anyone, who is interested in getting started, needs an investment of $20,000 besides two months deposit. The tenants could use the CloudKitchen to attract customers via Grubhub and Postmates, the online ordering platforms.<\/p>\n<p>According to one restauranteur \u2013 Eric Greenspan, the CloudKitchen allows creating a delivery only brand quickly. It is more flexible. One could experiment in CloudKitchen because the associated risk of failure is little. You can exit this business if it doesn\u2019t progress as planned.<\/p>\n<p><strong>Travis to focus on China<\/strong><\/p>\n<p>Travis expects to experiment CloudKitchen business in China where the competition is more. A Beijing based firm \u2013 Panda Selected, which is established in 2016, has mobilized funds of $50 million in early 2019. It is a kitchen version of Uber\u2019s WeWork and has a presence in over 120 locations.<\/p>\n<p>Travis is funding the CloudKitchen from his resources. However, he has also mobilized funds of $400 million for this initiative from a sovereign wealth fund based in Saudi Arabia.<\/p>\n<p><strong>Travis readies a recipe for India<\/strong><\/p>\n<p>Travis is building a team to focus on India with delivery-only kitchens. The City Storage Systems is discussing with real estate developers and restaurant chains in Mumbai.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Travis Kalanick, the founder and ousted Chief Executive Officer of Uber Technologies Inc (NYSE:UBER), will step down from the board of directors. He has sold [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":42614,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[263],"tags":[13846,14186,13845,13844,14187],"stock_ticker":[],"class_list":["post-42720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-nyseuber","tag-travis-kalanick","tag-uber-technologies-inc","tag-uber-technologies-inc-nyseuber","tag-wework","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Uber Technologies Inc (NYSE:UBER)\u2019s Ousted CEO And Founder \u2013 Travis Kalanick Will Focus On Kitchens - Wall Street PR<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cablemanpro.com\/wallstreetpr\/uber-technologies-inc-nyseubers-ousted-ceo-and-founder-travis-kalanick-will-focus-on-kitchens-42720\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Uber Technologies Inc (NYSE:UBER)\u2019s Ousted CEO And Founder \u2013 Travis Kalanick Will Focus On Kitchens - Wall Street PR\" \/>\n<meta property=\"og:description\" content=\"Travis Kalanick, the founder and ousted Chief Executive Officer of Uber Technologies Inc (NYSE:UBER), will step down from the board of directors. 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