In this Feb. 22, 2018, photo, Airbnb co-founder and CEO Brian Chesky speaks during an event in San Francisco. (AP Photo/Eric Risberg, File)
By Dee-Ann Durbin
Airbnb on Wednesday filed preliminary paperwork for selling stock on Wall Street, undaunted by a global pandemic that has taken some wind out of its home-sharing business.
The San Francisco-based company said it submitted a draft registration statement to the Securities and Exchange Commission. It kept details in the statement confidential.
Airbnb said the number of shares in the company it plans to sell and their price hasn’t yet been determined. The timing of the IPO also hasn’t been set.
Airbnb, which was founded 12 years ago, has long been expected to go public. Its CEO, Brian Chesky, told The Associated Press this summer that he was working on the IPO documents when the coronavirus pandemic hit the U.S. in March.
The pandemic initially hurt demand for the 7 million properties listed by Airbnb. Chesky has said that Airbnb's 2020 revenue will likely be less than half of what the company booked last year.
In May, Airbnb cut 1,900 employees or around 25 percent of its workforce.
But demand has rebounded some as some travelers see home rentals as safer during the pandemic than crowded hotels. On July 8, the company said guests booked more than 1 million nights' worth of future business; it was the first time that threshold had been reached since March 3.
The Federal Trade Commission is suing to block a proposed merger between the two grocery stores. The FTC says the $24.6 billion deal would eliminate competition and lead to higher prices for millions of Americans.
Terecircuits CEO Wayne Rickard explains some of the other companies set to benefit from the Nvidia-led chipmaking rally, including manufacturing and toolmaking companies.
Axios reporter Erin Doherty breaks down the results from the South Carolina primary as former President Trump gets closer to winning the GOP nomination.
Jay Woods of Freedom Capital Markets shares thoughts on how the latest inflation report will impact the market, and why he expects a ‘cascade’ of IPOs if Reddit’s public debut goes well.
During AT&T's widespread outage Thursday, landline phones were a working alternative — which most of the U.S. does not have. Over half of Americans are estimated to have ditched landlines altogether.
Jade Kearney Dube, Founder & CEO of She Matters talks the Symptom Tracker app, cultural competency for healthcare providers, and being a Black woman CEO looking for funding.
Ahead of April’s planned BitCoin halving, Bitfarms CEO Geoff Morphy shares why he thinks the crypto rally will continue, plus why you’ll see a broader adoption of clean energy for mining.
