Airbnb confidentially files to go public

Angela Lang/CNET

Airbnb, the house rental firm, on Wednesday filed to go public, a milestone for a Silicon Valley pioneer that helped usher within the “sharing economic system.”  

The corporate, which launched in 2008, performed a key position in popularizing peer-to-peer leases, wherein individuals would supply up their properties, automobiles or companies to others utilizing tech platforms. Uber and Lyft, different marquee gamers within the sharing economic system, went public final 12 months. 

In a weblog submit, Airbnb stated the quantity and worth vary of shares it’s providing “haven’t but been decided.” The corporate declined to remark past its preliminary announcement. 

The submitting comes amid a brutal 12 months for the journey business within the face of the coronavirus pandemic. Airbnb was notably battered because the world’s economies shut down and folks canceled journeys to shelter in place. In Might, the corporate stated it was shedding 1,900 of its staff — 1 / 4 of the corporate — one of many largest mass layoffs for a Silicon Valley firm because the pandemic started. On the time, CEO Brian Chesky informed staff that income this 12 months can be lower than half of what it earned in 2019, which was reportedly $4.8 billion.

However the firm’s enterprise seems to be on the mend as individuals start to journey once more, looking for non-public countryside leases the place they’ll keep away from massive teams of individuals. Final month, Airbnb stated hosts in rural areas throughout the US earned over $200 million in June of this 12 months, up greater than 25% from the identical interval in 2019. 

This can be a growing story…

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Richard Nieva