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After the outbreak of the corona pandemic, which resulted in a drastic decline in the number of bookings and countless cancellations, Airbnb’s valuation in the latest round of funding had dropped to $ 18 billion in April. The San Francisco-based company currently suffers from travel restrictions and hygiene requirements, but is weathering the crisis better than initially expected as people, when they are currently traveling, like to turn to private accommodations to have fewer contacts.
In 2017, Airbnb was valued at $ 31 billion. According to insiders, the company has been keeping a close eye on costs since the outbreak of the pandemic, imposed a hiring freeze and shut down marketing. So the goal is to save $ 800 million this year. Surprisingly to analysts, Airbnb made a profit of nearly $ 220 million in the third quarter, just slightly less than in the same period last year.
Airbnb was founded in 2008 by Brian Chesky and Joe Gebbia as a portal for conference room brokers. Investors include Sequoia Capital and Andreessen Horowitz, but also Hollywood actor Ashton Kutcher, as well as General Atlantic and TPG.
